By Kiku Steinfeld
Chicago, Oct. 12 – Credit Suisse AG, London Branch priced $1.8 million of 0% review notes due July 27, 2023 linked to the SPDR S&P Bank ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a premium of 11.5% if the fund closes at or above its initial share price on Aug. 5, 2022.
If the notes are not called and the final share price is greater than the initial share price, the payout at maturity will be par plus 2 times the fund’s return. Investors will receive par if the fund declines by 20% or less. If the fund finishes below its 80% knock-out price, investors will be fully exposed to the fund’s decline.
The final share price will be the average of the fund’s closing share prices on the five trading days ending July 24, 2023.
J.P. Morgan Securities LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Review notes
|
| Underlying fund: | SPDR S&P Bank ETF
|
| Amount: | $1,795,000
|
| Maturity: | July 27, 2023
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final share price is greater than initial share price, par plus 2 times fund’s return; par if fund declines by 20% or less; otherwise, full exposure to fund’s decline
|
| Call: | Automatically at par 11.5% if fund closes at or above initial share price on Aug. 5, 2022
|
| Initial share price: | $48.80
|
| Knock-out share price: | $39.04, 80% of initial share price
|
| Pricing date: | July 23
|
| Settlement date: | July 30
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 22552XRH8
|
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