Published on 5/2/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.06 million 14.7% autocallable yield notes on three stocks
By William Gullotti
Buffalo, N.Y., May 2 – Credit Suisse AG, London Branch priced $1.06 million of autocallable yield notes due Nov. 2 linked to the lowest performing of the stocks of Apple Inc., Bank of America Corp. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annual rate of 14.7%, or 7.35% for the term.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial price on any monthly observation date.
The payout at maturity will be par unless any stock finishes below its 75% knock-in level, in which case investors will be fully exposed to any losses of the least-performing stock.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable yield notes
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| Underlying stocks: | Apple Inc., Bank of America Corp., JPMorgan Chase & Co.
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| Amount: | $1,055,000
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| Maturity: | Nov. 2
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| Coupon: | 14.7% per year, or 7.35% for the term, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in level, in which case full exposure to the decline of the least performing stock from its initial price
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| Call: | Notes will be automatically called at par plus the coupon if each stock closes at or above initial price on any monthly observation date after three months
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| Initial prices: | $156.57 for Apple, $36.25 for BofA, $121.42 for JPMorgan
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| Knock-in levels: | $117.4275 for Apple, $27.1875 for BofA, $91.065 for JPMorgan; 75% of initial prices
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| Pricing date: | April 27
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| Settlement date: | May 2
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.6%
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| Cusip: | 22553PTQ2
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