Published on 7/27/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.13 million autocallable securities linked to index, ETF
By William Gullotti
Buffalo, N.Y., July 27 – Credit Suisse AG, London Branch priced $2.13 million of 0% autocallable securities due July 28, 2026 linked to the lowest performing of the Russell 2000 index and the Financial Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an annual redemption premium of 17% if all underliers close at or above initial levels on any annual observation date.
If the notes are not called and the final level of each underlier is greater than or equal to its initial level, the payout will be par plus 68%.
Investors will receive par if the worst performing underlier declines up to 30% and will lose 1% for each 1% decline of the lesser performing underlier from its initial level if it declines more than 30%.
The agent is Credit Suisse Securities (USA) LLC with Citigroup Global Markets Inc. as placement agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable securities
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| Underlying assets: | Russell 2000 index, Financial Select Sector SPDR Fund
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| Amount: | $2,126,000
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| Maturity: | July 28, 2026
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final level of the worst performing underlier is greater than or equal to its initial level, par plus 68%; if worst performer declines up to 30%, par; otherwise, 1% loss for each 1% decline of worst performing underlier from its initial level
|
| Call: | Automatically at par plus annualized redemption premium of 17% if each underlier closes at or above its initial level on any annual observation date
|
| Initial levels: | $32.75 for ETF, 1,806.881 for Russell
|
| Downside threshold: | $22.925 for ETF, 1,264.8167 for Russell; 70% of initial levels
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| Pricing date: | July 22
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| Settlement date: | July 28
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Fees: | None
|
| Cusip: | 22553QBZ9
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