Published on 3/27/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $1.48 million contingent coupon buffered autocallable notes on three stocks
By Kiku Steinfeld
Chicago, March 28 – Credit Suisse AG, London Branch priced $1.48 million of contingent coupon buffered autocallable yield notes due Sept. 24, 2024 linked to the lowest performing of the stocks of Las Vegas Sands Corp., International Business Machines Corp. and Moderna, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 13.25% if each stock closes at or above its coupon barrier level, 70% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each stock closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless any stock finishes below its 70% buffer level, in which case the payout will be par minus 1% for every 1% that the least performing stock declines beyond 30%.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon buffered autocallable yield notes
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| Underlying stocks: | Las Vegas Sands Corp., International Business Machines Corp. and Moderna, Inc.
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| Amount: | $1,477,000
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| Maturity: | Sept. 24, 2024
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| Coupon: | 13.25% per year, payable monthly if each stock closes at or above its coupon barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its buffer level, in which case the payout will be par minus 1% for every 1% that the worst performing stock declines beyond 30%
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| Call: | At par plus coupon if each stock closes at or above its initial level on any quarterly call date
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| Initial levels: | $35.59 for Las Vegas, $132.97 for IBM, $434.04 for Moderna
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| Coupon barriers: | $24.913 for Las Vegas, $93.079 for IBM, $303.828 for Moderna, 70% of initial levels
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| Buffer levels: | $24.913 for Las Vegas, $93.079 for IBM, $303.828 for Moderna, 70% of initial levels
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| Pricing date: | Sept. 21
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| Settlement date: | Sept. 24
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.5%
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| Cusip: | 22552XTZ6
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