Published on 4/20/2023 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $100,000 buffered contingent coupon autocallables on Schlumberger
By Angela McDaniels
Tacoma, Wash., April 20 – Credit Suisse AG, London Branch priced $100,000 of buffered contingent coupon autocallable yield notes due June 14, 2023 linked to the common stock of Schlumberger NV, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the coupon barrier level, 70% of the initial share price, on a quarterly observation date, the notes will pay a contingent coupon at the rate of 14.25% per year for that quarter and all prior unpaid contingent coupons, if any.
The notes will be automatically called at par if the stock closes at or above the initial share price on any quarterly observation date.
The payout at maturity will be par unless the stock finishes below the 70% buffer level, in which case investors will lose 1.4286% for every 1% that the stock declines beyond 30%.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are placement agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Buffered contingent coupon autocallable yield notes
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| Underlying stock: | Schlumberger NV
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| Amount: | $100,000
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| Maturity: | June 14, 2023
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| Coupon: | If stock closes at or above coupon barrier level on quarterly observation date, notes pay contingent coupon at rate of 14.25% per year for that quarter and all prior unpaid contingent coupons, if any
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below buffer level, in which case investors will lose 1.4286% for every 1% that stock declines beyond 30%
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| Call: | Automatically at par if stock closes at or above initial share price on any quarterly observation date
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| Initial share price: | $48.21
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| Coupon barrier level: | $33.75, or 70% of initial share price
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| Buffer level: | $33.75, or 70% of initial share price
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| Pricing date: | May 27, 2022
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| Settlement date: | June 2, 2022
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| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1%
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| Cusip: | 22553PYZ6
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