Published on 9/13/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $6.88 million contingent coupon autocallable yield notes on S&P, Stoxx
By Wendy Van Sickle
Columbus, Ohio, Sept. 13 – Credit Suisse AG, London Branch priced $6.88 million of contingent coupon autocallable yield notes due June 12, 2024 linked to the lowest performing of the Euro Stoxx 50 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index closes at or above the coupon barrier level, 70% of the initial level, on a quarterly observation date, the notes will pay a contingent payment for that period at a rate of 14.3% per year.
The notes will be called at par plus the contingent coupon if each index closes at or above initial price on any quarterly autocall observation date.
If the notes are not called, the payout at maturity will be par if no index finishes below its 70% knock-in level. Otherwise, investors will lose 1% for each 1% decline of the laggard index
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying indexes: | S&P 500, Euro Stoxx 50
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| Amount: | $6,875,000
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| Maturity: | June 12, 2024
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| Contingent payment: | 14.3% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par if no index finishes below knock-in level; otherwise, investors will lose 1% for each 1% decline of laggard index
|
| Call: | Automatically at par plus contingent coupon if each index closes at or above its initial level on any quarterly autocall observation date
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| Initial levels: | 3,502.09 for Stoxx, 3,979.87 for S&P
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| Coupon barriers: | 2,451.463 for Stoxx, 2,785.909 for S&P, 70% of initial levels
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| Knock-in levels: | 2,451.463 for Stoxx, 2,785.909 for S&P, 70% of initial levels
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| Pricing date: | Sept. 8
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| Settlement date: | Sept. 13
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0%
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| Cusip: | 22553QL21
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