Published on 3/18/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1 million contingent coupon autocallable yield notes on oil stocks
By Kiku Steinfeld
Chicago, March 18 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due Sept. 22, 2023 linked to the least performing of the stocks of ConocoPhillips, Occidental Petroleum Corp. and Exxon Mobil Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 13.2% if each stock 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 plus coupon if each stock closes at or above its initial level on any quarterly trigger observation date after one year.
The payout at maturity will be par plus the final coupon unless any stock finishes below its 60% knock-in level, in which case investors will be fully exposed to the losses of the least-performing stock.
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 stocks: | ConocoPhillips, Occidental Petroleum Corp. and Exxon Mobil Corp.
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| Amount: | $1 million
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| Maturity: | Sept. 22, 2023
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| Coupon: | 13.2% per year, payable quarterly 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 plus the final coupon unless any stock finishes below its knock-in level, in which case full exposure to decline of the least-performing stock from its initial level
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly trigger observation date after one year
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| Initial levels: | $59.23 for Conoco, $27.33 for Occidental, $55.82 for Exxon
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| Coupon barriers: | $35.538 for Conoco, $16.398 for Occidental, $33.492 for Exxon; 60% of initial levels
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| Knock-in levels: | $35.538 for Conoco, $16.398 for Occidental, $33.492 for Exxon; 60% of initial levels
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| Pricing date: | Sept. 17
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| Settlement date: | Sept. 22
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.4%
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| Cusip: | 22552XW25
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