By Kiku Steinfeld
Chicago, Sept. 25 – Credit Suisse AG, London Branch priced $400,000 of contingent coupon autocallable yield notes with memory coupon feature due March 20, 2025 linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly at an annualized rate of 10.2% if the index closes above its coupon barrier, 70% of its initial level, on the observation date for the period. Previously unpaid coupons will also be paid.
The notes will be called at par plus the coupon if the index closes at or above initial level on any quarterly autocall observation date after six months.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the index finishes below its knock-in level, 70% of the initial level, in which case investors be fully exposed to the losses of the index.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes with memory coupon feature
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| Underlying index: | S&P 500 index
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| Amount: | $400,000
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| Maturity: | March 20, 2025
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| Coupon: | 10.2% annual rate, payable quarterly if index closes at or above coupon barrier on observation day for that period; previously unpaid coupons will also be paid
|
| Price: | Par
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| Payout at maturity: | Par plus final coupon unless index finishes below knock-in level, in which case investors will lose 1% for each 1% decline of the index from its initial level
|
| Call: | Automatically at par plus coupon if the index closes at or above initial level on any quarterly autocall observation date after six months
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| Initial level: | 3855.76
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| Coupon barrier/knock-in level: | 2699.032; 70% of initial level
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| Pricing date: | March 14, 2023
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| Settlement date: | March 20, 2023
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.3%
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| Cusip: | 22553QRZ2
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