Published on 8/11/2023 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $536,000 autocallable yield notes linked to Devon, Occidental
By Angela McDaniels
Tacoma, Wash., Aug. 11 – Credit Suisse AG, London Branch priced $536,000 of 14.25% autocallable yield notes due Sept. 16, 2024 linked to the lesser performing of the common stocks of Devon Energy Corp. and Occidental Petroleum Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly autocall observation date.
The payout at maturity will be par unless either stock finishes below its knock-in level, 50% of its initial share price, in which case investors will be fully exposed to the lesser performing stock’s decline from its initial share price.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable yield notes
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| Underlying stocks: | Devon Energy Corp. and Occidental Petroleum Corp.
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| Amount: | $536,000
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| Maturity: | Sept. 16, 2024
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| Coupon: | 14.25%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless either stock finishes below knock-in level, in which case full exposure to lesser performing stock’s decline from initial share price
|
| Call: | Automatically at par if each stock closes at or above initial share price on any quarterly autocall observation date
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| Initial share prices: | $68.51 for Devon and $65.61 for Occidental
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| Knock-in levels: | $34.255 for Devon and $32.805 for Occidental, or 50% of initial share prices
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| Pricing date: | Sept. 9, 2022
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| Settlement date: | Sept. 14, 2022
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4.14%
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| Cusip: | 22553QJD0
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