Published on 4/28/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.6 million contingent coupon callable yield notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, April 28 – Credit Suisse AG, London Branch, priced $1.6 million of contingent coupon callable yield notes due April 28, 2027 to the least performing of the stocks of Chevron Corp., Devon Energy Corp., Exxon Mobil Corp. and Shell plc, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 15.25% per year if each stock closes at or above its coupon barrier price, 50% of its initial price, on the related observation date.
The notes may be called at par plus any contingent coupon due at the issuer’s option on any quarterly early redemption date.
The payout at maturity will be par unless any stock finishes below its 50% knock-in price, in which case investors will be exposed to the decline of the least-performing stock from its initial price.
Credit Suisse Securities LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying stocks: | Chevron Corp., Devon Energy Corp., Exxon Mobil Corp., Shell plc
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| Amount: | $1,601,000
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| Maturity: | April 28, 2027
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| Coupon: | 15.25% per year, payable quarterly if each underlying stock closes at or above its coupon barrier price on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its knock-in price, in which case investors will be exposed to the decline of the least-performing stock from its initial price
|
| Call: | Par plus any contingent coupon on any quarterly early redemption date
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| Initial prices: | $157.49 for Chevron, $56.18 for Devon, $53.78 for Exxon Mobil, $82.26 for Shell
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| Coupon barrier level: | $78.745 for Chevron, $28.09 for Devon, $26.89 for Exxon Mobil, $41.13 for Shell; 50% of initial prices
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| Knock-in prices level: | $78.745 for Chevron, $28.09 for Devon, $26.89 for Exxon Mobil, $41.13 for Shell; 50% of initial prices
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| Pricing date: | April 26
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| Settlement date: | April 29
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| Placement agent: | Credit Suisse Securities LLC
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| Fees: | 3.7%
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| Cusip: | 22553PTA7
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