Published on 5/18/2023 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $510,000 contingent coupon autocallable yield notes on Tesla
Chicago, May 18 – Credit Suisse AG, London Branch priced $510,000 of contingent coupon autocallable yield notes due June 30, 2025 linked to the stock performance of Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annualized rate of 30% if the stock closes above its coupon barrier, 65% of its initial level, on the observation date for the period.
The notes will be called at par plus the coupon if the shares close at or above the initial share price on any monthly trigger observation date after three months.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the shares finish below their knock-in level, 65% of their initial price, in which case investors will receive a number of shares equal to $1,000 divided by the initial price or, at the issuer’s option, the cash equivalent.
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 stock: | Tesla, Inc.
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| Amount: | $510,000
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| Maturity: | June 30, 2025
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| Coupon: | 30% annual rate, payable monthly if stock closes above coupon barrier on observation day for that period
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless stock finishes below knock-in level, in which case investors will receive a number of shares equal to $1,000 divided by the initial level or, at the issuer’s option, the cash equivalent
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| Call: | Automatically at par plus coupon if shares close at or above initial share price on any monthly trigger observation date after three months
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| Initial level: | $705.21
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| Coupon barrier/knock-in price: | $458.3865; 65% of initial share price
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| Pricing date: | June 27, 2022
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| Settlement date: | June 30, 2022
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 22550ME21
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