By Kiku Steinfeld
Chicago, Nov. 21 – Credit Suisse AG, London Branch priced $170,000 of 0% autocallable securities due March 23, 2026 linked to the lowest performing of the Communication Services Select Sector SPDR fund 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 a redemption premium of 11.7% yearly if all funds close at or above their call levels, 100% of their initial levels, on any annual observation date.
If the notes are not called and the final level of each fund is equal to or greater than its initial level, the payout at maturity will be par plus 46.8%.
If the worst performer falls but finishes at or above its 70% downside threshold, the payout at maturity will be par. If the final level of any fund is less than its downside threshold, investors will lose 1% for each 1% decline of the lesser performing fund from its initial level.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable securities
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| Underlying funds: | Communication Services Select Sector SPDR and Financial Select Sector SPDR
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| Amount: | $170,000
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| Maturity: | March 23, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the final level of the worst performing fund is greater than or equal to its initial level, par plus 46.8%; if the worst performer declines up to downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing fund from initial level
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| Call: | Automatically at par plus annualized redemption premium of 11.7% if each fund closes at or above 100% of its initial level on any annual observation date
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| Initial levels: | $68.231 for Communications, $39 for Financial
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| Downside thresholds: | $47.761 for Communications, $27.30 for Financial; 70% of initial levels
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| Pricing date: | March 18, 2022
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| Settlement date: | March 23, 2022
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2%
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| Cusip: | 22553PLA5
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