By William Gullotti
Buffalo, N.Y., Feb. 9 – Credit Suisse AG, London Branch priced $2.29 million of 0% review notes due Feb. 8, 2024 linked to the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a premium of 20% if the fund closes at or above its initial share price on Feb. 17, 2023.
If the notes are not called and the final share price is greater than or equal to the initial price, the payout at maturity will be par plus double the gain.
Investors will receive par if the fund declines by 34% or less. If the fund finishes below its 66% knock-out price, investors will be fully exposed to the fund’s decline from its initial level.
J.P. Morgan Securities LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Review notes
|
| Underlying fund: | SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $2,288,000
|
| Maturity: | Feb. 8, 2024
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If fund finishes flat or gains, par plus two times the return; par if fund declines by 34% or less; otherwise, full exposure to fund’s decline from initial level
|
| Call: | Automatically at par plus 20% if fund closes at or above initial share price on Feb. 17, 2023
|
| Initial share price: | $111.92
|
| Knock-out share price: | $73.87; 66% of initial share price
|
| Pricing date: | Feb. 4
|
| Settlement date: | Feb. 11
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 22553PHV4
|
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