Published on 4/24/2023 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $759,000 autocallables linked to financial, regional banking ETFs
By Angela McDaniels
Tacoma, Wash., April 24 – Credit Suisse AG, London Branch priced $759,000 of 0% market-linked securities – autocallable with contingent downside due June 3, 2025 linked to the Financial Select Sector SPDR fund and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus 14.25% per year if each ETF closes at or above its initial share price on any semiannual call date.
If the notes are not called, the payout at maturity will be par unless the lesser performing ETF finishes below its threshold price, 70% of its initial share price, in which case investors will be exposed to the decline of the lesser performing ETF.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | market-linked securities – autocallable with contingent downside
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| Underlying ETFs: | Financial Select Sector SPDR fund and SPDR S&P Regional Banking ETF
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| Amount: | $759,000
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| Maturity: | June 3, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par unless lesser performing ETF finishes below threshold price, in which case exposure to decline of lesser performing ETF
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| Call: | Automatically called at par plus 14.25% per year if each ETF closes at or above initial share price on any semiannual call date
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| Initial share prices: | $35.47 for financial fund and $64.27 for banking ETF
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| Threshold prices: | $24.829 for financial fund and $44.989 for banking ETF, or 70% of initial share prices
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| Pricing date: | May 31, 2022
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| Settlement date: | June 3, 2022
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 2.425%
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| Cusip: | 22553PUJ6
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