Published on 8/26/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $600,000 contingent coupon autocallable yield notes on Enphase
By Kiku Steinfeld
Chicago, Aug. 26 – Credit Suisse AG, London Branch, priced $600,000 of contingent coupon autocallable yield notes due Jan. 24, 2023 linked to Enphase Energy, Inc. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the coupon barrier level, 60% of the initial share price, on a monthly observation date, the notes will pay a contingent payment for that period at a rate of 19.35% per year.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial price on any quarterly autocall observation date after six months.
If the notes are not called, the payout at maturity will be par if the stock closes at or above its 60% knock-in level. Otherwise, investors will lose 1% for each 1% decline of the stock from its initial level, payable in shares or cash at the issuer’s option.
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 stock: | Enphase Energy, Inc.
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Amount: | $600,000
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Maturity: | Jan. 24, 2023
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Contingent payment: | 19.35% per year, payable monthly if stock closes at or above coupon barrier level on observation date for that period
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Price: | Par of $10,000
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Payout at maturity: | Par if the stock closes at or above its 60% knock-in level; otherwise, investors will lose 1% for each 1% decline of the stock from its initial level, payable in shares or cash at the issuer’s option
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Call: | Automatically at par plus contingent coupon if the stock closes at or above its initial price on any quarterly autocall observation date after six months
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Initial share price: | $134.58
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Coupon barrier level: | $80.7482, 60% of initial level
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Knock-in level: | $80.7482, 60% of initial level
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Pricing date: | Jan. 19, 2022
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Settlement date: | Jan. 24, 2022
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 1%
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Cusip: | 22550MB40
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