Published on 6/23/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $500,000 contingent coupon autocallable yield notes on four stocks
Chicago, June 23 – Credit Suisse AG, London Branch priced $500,000 of contingent coupon autocallable yield notes due Sept. 15, 2023 linked to the least performing of the stocks of salesforce.com, inc., General Motors Co., Pfizer Inc. and Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 19% if each stock closes at or above its coupon barrier, 75% 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 monthly autocall observation date after three months.
The payout at maturity will be par plus the final coupon if each stock finishes at or above its coupon barrier.
If the worst performer finishes below its coupon barrier but not below its 65% knock-in level, the payout will be par. Otherwise, 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: | salesforce.com, inc., General Motors Co., Pfizer Inc. and Walmart Inc.
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| Amount: | $500,000
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| Maturity: | Sept. 15, 2023
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| Coupon: | 19% 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 plus the final coupon if each stock finishes at or above coupon barrier; if the worst performer finishes below its coupon barrier but at or above its knock-in level, par; otherwise, 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 monthly autocall observation date after three months
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| Initial levels: | $266.31 for salesforce, $60.78 for GM, $51.40 for Pfizer, $137.15 for Walmart
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| Coupon barriers: | $199.7325 for salesforce, $45.585 for GM, $38.55 for Pfizer, $102.8625 for Walmart; 75% of initial levels
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| Knock-in levels: | $173.1015 for salesforce, $39.507 for GM, $33.41 for Pfizer, $89.1475 for Walmart; 65% of initial levels
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| Pricing date: | Dec. 10, 2021
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| Settlement date: | Dec. 15, 2021
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.75%
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| Cusip: | 22553PBX6
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