Published on 12/20/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $908,000 contingent coupon autocallable yield notes on Helmerich
By Kiku Steinfeld
Chicago, Dec. 20 – Credit Suisse AG, London Branch priced $908,000 of contingent coupon autocallable yield notes due April 29, 2025 linked to the stock performance of Helmerich & Payne, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly at an annualized rate of 10.61% if the stock closes above its coupon barrier, 50% of its initial level, on the observation date for the period, plus any previously unpaid contingent coupons.
The notes will be called at par if the shares close at or above the initial share price on any quarterly trigger observation date after six months.
If the notes are not called, the payout at maturity will be par unless the shares finish below their knock-in level, 50% of their initial price, in which case investors be fully exposed to the losses of the stock.
The agent is Credit Suisse Securities (USA) LLC
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying stock: | Helmerich & Payne, Inc.
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Amount: | $908,000
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Maturity: | April 29, 2025
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Coupon: | 10.61% annual rate, payable quarterly if stock closes above coupon barrier on observation day for that period, plus any previously unpaid contingent coupons
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Price: | Par
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Payout at maturity: | Par unless stock finishes below knock-in level, in which case investors will lose 1% for each 1% decline of the stock from its initial level
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Call: | Automatically at par if shares close at or above initial share price on any quarterly trigger observation date after six months
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Initial level: | $42.73
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Coupon barrier: | $21.365, 50% of initial share price
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Knock-in price: | $21.365, 50% of initial share price
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Pricing date: | April 27
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Settlement date: | April 29
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.5%
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Cusip: | 22553PT33
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