Published on 10/6/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.72 million autocallable securities linked to S&P, Dow
By William Gullotti
Buffalo, N.Y., Oct. 6 – Credit Suisse AG, London Branch priced $2.72 million of 0% autocallable securities due Oct. 5, 2027 linked to the lowest performing of the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an annual redemption premium of 10.75% if all indexes close at or above initial levels on any annual observation date.
If the notes are not called and each index finishes at or above its initial level, the payout at maturity will be par plus 53.75%.
If the worst performer declines up to 40%, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the lesser performing index from its initial level.
The agent is Credit Suisse Securities (USA) LLC.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Autocallable securities
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Underlying indexes: | S&P 500 index, Dow Jones industrial average
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Amount: | $2,719,000
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Maturity: | Oct. 5, 2027
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If each index finishes flat or gains, par plus 53.75%; if the worst performer declines up to 40%, par; otherwise, 1% loss for each 1% decline of worst performing index from initial levels
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Call: | Automatically at par plus annualized redemption premium of 10.75% if each index closes at or above its initial level on any annual observation date
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Initial levels: | 3,585.62 for S&P, 28,725.51 for Dow
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Downside threshold: | 2,151.372 for S&P, 17,235.306 for Dow; 60% of initial levels
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Pricing date: | Sept. 30
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Settlement date: | Oct. 5
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 4.1%
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Cusip: | 22553QKY2
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