Published on 11/19/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.13 million contingent coupon callable yield notes on index, ETF
By Kiku Steinfeld
Chicago, Nov. 21 – Credit Suisse AG, London Branch priced $1.13 million of contingent coupon callable yield notes due March 24, 2025 linked to the lowest performing of the Nasdaq-100 index and the Financial Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a semiannual coupon at an annualized rate of 10.8% if each underlier closes at or above its coupon barrier level, 70% of its initial level, on the relevant observation date.
At the issuer’s option, the notes may be called at par on any semiannual observation date.
The payout at maturity will be par plus the final coupon unless any underlier finishes below its 70% knock-in level, in which case investors will be fully exposed to the decline of the worst performer 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 assets: | Nasdaq-100 index, Financial Select Sector SPDR Fund
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| Amount: | $1,129,000
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| Maturity: | March 24, 2025
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| Coupon: | 10.8% per year, payable semiannually if each underlier closes at or above its barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless any underlier finishes below its knock-in level, in which case full exposure to any losses of the worst performer
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| Call: | At par on any semiannual observation date
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| Initial levels: | $39 for ETF, 14,420.08 for Nasdaq
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| Coupon barrier/knock-in levels: | $27.30 for ETF, 10,094.056 for Nasdaq; 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: | 1.5%
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| Cusip: | 22553PNQ8
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