Published on 7/10/2023 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $52,000 contingent coupon autocallables linked to SPDR funds
By Angela McDaniels
Tacoma, Wash., July 10– Credit Suisse AG, London Branch priced $52,000 of market-linked securities – autocallable with contingent coupon and contingent downside due July 29, 2025 linked to the Technology Select Sector SPDR fund, the Financial Select Sector SPDR fund, the Consumer Staples Select Sector SPDR fund and the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 11.5% per year if each fund closes at or above its downside threshold price, 60% of its initial share price, on the determination date for that quarter.
Beginning in January 2023, the notes will be automatically called at par if each fund closes at or above its initial share price on a quarterly determination date.
The payout at maturity will be par unless the least-performing fund finishes below its downside threshold price, in which case investors will be exposed to the decline of the least-performing fund.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Market-linked securities – autocallable with contingent coupon and contingent downside
|
| Underlying ETFs: | Technology Select Sector SPDR fund, Financial Select Sector SPDR fund, Consumer Staples Select Sector SPDR fund and Energy Select Sector SPDR fund
|
| Amount: | $52,000
|
| Maturity: | July 29, 2025
|
| Coupon: | 11.5% per year, payable quarterly if each fund closes at or above downside threshold price on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless least-performing fund finishes below downside threshold price, in which case investors will be exposed to decline of least-performing fund
|
| Call: | Beginning in January 2023, automatically at par if each fund closes at or above initial share price on a quarterly determination date
|
| Initial share prices: | $144.22 for technology fund, $33.71 for financial fund, $74.49 for consumer staples fund and $78.42 for energy fund
|
| Downside thresholds: | $86.532 for technology fund, $20.226 for financial fund, $44.694 for consumer staples fund and $47.052 for energy fund, or 60% of initial share prices
|
| Pricing date: | July 29, 2022
|
| Settlement date: | Aug. 3, 2022
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 2.5%
|
| Cusip: | 22553QAP2
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
