Published on 5/28/2023 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $664,000 contingent coupon callable yield notes on three indexes
By Kiku Steinfeld
Chicago, May 30 – Credit Suisse AG, London Branch, priced $664,000 of contingent coupon callable yield notes due Jan. 27, 2025 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 14.25% per year if each index closes at or above its coupon barrier level, 80% of its initial level, on the related observation date.
The notes are callable, in whole but not in part, at par plus any coupon on any quarterly observation date.
The payout at maturity will be par unless any index finishes below its 70% knock-in level, in which case investors will be exposed to the decline of the least-performing index 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 indexes: | S&P 500 index, Russell 2000 and Nasdaq-100
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| Amount: | $664,000
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| Maturity: | Jan. 27, 2025
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| Coupon: | 14.25% per year, payable quarterly if each underlying asset closes at or above its coupon barrier level on related observation date
|
| Price: | Par
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| Payout at maturity: | Par unless any index finishes below knock-in level, in which case exposure to decline of least-performing index
|
| Call option: | Callable in whole at par plus any coupon on any quarterly observation date
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| Initial levels: | 1867.336 for Russell, 3972.61 for S&P, 11619.03 for Nasdaq
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| Coupon barrier levels: | 1493.8688 for Russell, 3178.088, for S&P, 9295.224 for Nasdaq, 80% of initial levels
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| Knock-in levels: | 1307.1352 for Russell, 2780.827 for S&P, 8133.321 for Nasdaq, 70% of initial levels
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| Pricing date: | Jan. 20, 2023
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| Settlement date: | Jan. 25, 2023
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1%
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| Cusip: | 22553QQ59
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