Published on 11/7/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.19 million contingent coupon autocallable notes on index, stocks
By Kiku Steinfeld
Chicago, Nov. 7 – Credit Suisse AG, London Branch priced $600,000 of contingent coupon autocallable yield notes due March 14, 2025 linked to the least performing of Microsoft Corp., Annaly Capital Management, Inc. and Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 13.85% if each asset closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
The notes will be called at par if each asset closes at or above its initial level on any quarterly trigger observation date after six months.
The payout at maturity will be par unless any asset finishes below its 60% knock-in level, in which case investors will be fully exposed to the losses of the least-performing asset.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying assets: | Microsoft Corp., Annaly Capital Management, Inc. and Dow Jones industrial average
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| Amount: | $600,000
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| Maturity: | March 14, 2025
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| Coupon: | 13.85% per year, payable monthly if each asset closes at or above its coupon barrier level on observation date
|
| Price: | Par
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| Payout at maturity: | Par unless any asset finishes below its knock-in level, in which case full exposure to the losses of the least-performing asset
|
| Call: | Automatically at par if each asset closes at or above initial level on any quarterly trigger observation date after six months
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| Initial levels: | 33286.25 for Dow, $288.50 for Microsoft, $7.14 for Annaly
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| Coupon barriers: | 19971.75 for Dow, $173.10 for Microsoft, $4.284 for Annaly; 60% of initial levels
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| Knock-in levels: | 19971.75 for Dow, $173.10 for Microsoft, $4.284 for Annaly; 60% of initial levels
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| Pricing date: | March 9
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| Settlement date: | March 14
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.75%
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| Cusip: | 22553PN88
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