By Kiku Steinfeld
Chicago, Nov. 29 – Credit Suisse AG, London Branch priced $1.16 million of contingent coupon autocallable yield notes due Sept. 28, 2023 linked to the least performing of two funds, according to a 424B2 filing with the Securities and Exchange Commission.
The underliers are the Invesco QQQ Trust, Series 1 and the Financial Select Sector SPDR fund.
Contingent coupons are payable quarterly at an annual rate of 10.66% if each asset closes above its coupon barrier, 75% of its initial level, on the related observation date.
The notes will be called at par if the shares of the least performing asset close at or above its initial price on any quarterly trigger observation date.
The payout at maturity will be par unless any of the assets finishes below its 75% knock-in level, in which case investors will be fully exposed to the losses of the worst performing underlying.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying assets: | Invesco QQQ Trust, Series 1 and Financial Select Sector SPDR fund
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| Amount: | $1,157,000
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| Maturity: | Sept. 28, 2023
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| Coupon: | 10.66% per year, payable quarterly if each asset closes above coupon barrier on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any asset finishes below knock-in price, in which case full exposure to losses of worst performing underlying
|
| Call: | At par plus the coupon if all shares close at or above initial share price on any quarterly trigger observation date
|
| Initial prices: | $359.35 for QQQ, $39.52 for Financial
|
| Coupon barriers: | $269.5125 for QQQ, $29.64 for Financial; 75% of initial levels
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| Knock-in levels: | $269.5125 for QQQ, $29.64 for Financial; 75% of initial levels
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| Pricing date: | March 25
|
| Settlement date: | March 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.75%
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| Cusip: | 22553PPX1
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