Published on 8/9/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.03 million contingent coupon callable yield notes on three indexes
By Kiku Steinfeld
Chicago, Aug. 9 – Credit Suisse AG, London Branch, priced $1.03 million of contingent coupon callable yield notes due Jan. 20, 2026 linked to the least performing of the Dow Jones industrial average, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at the rate of 5.45% per year if each index closes at or above its coupon barrier level, 65% of its initial level, on the related observation date.
The notes are callable, in whole but not in part, at par plus any coupon due on any monthly observation date after six months.
The payout at maturity will be par plus the final coupon unless any index finishes below its 50% knock-in level, in which case investors will be exposed to the decline of the least-performing index from its initial level.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index, Dow Jones industrial average
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| Amount: | $1,026,000
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| Maturity: | Jan. 20, 2026
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| Coupon: | 5.45% per year, payable monthly if each underlying index closes at or above its coupon barrier level on related observation date
|
| Price: | Par
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| Payout at maturity: | Par plus the final coupon unless any index finishes below knock-in level, in which case exposure to decline of least-performing index
|
| Call option: | Callable in whole at par plus any coupon due on any monthly observation date after six months
|
| Initial levels: | 2176.057 for Russell, 4726.35 for S&P, 36290.32 for Dow
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| Coupon barrier levels: | 1414.43705 for Russell, 3072.1275 for S&P, 23588.708 for Dow; 65% of initial levels
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| Knock-in levels: | 1088.0285 for Russell, 2363.175 for S&P, 18145.16 for Dow; 50% of initial levels
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| Pricing date: | Jan. 12
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| Settlement date: | Jan. 18
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| Agents: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.75%
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| Cusip: | 22553PEB1
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