Published on 7/13/2023 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $975,000 contingent coupon autocallables linked to Russell, Dow, Nasdaq
By Angela McDaniels
Tacoma, Wash., July 13 – Credit Suisse AG, London Branch priced $975,000 of contingent coupon autocallable yield notes due May 1, 2024 linked to the least performing of the Russell 2000 index, the Dow Jones industrial average and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at the rate of 13% per year if each index closes at or above its knock-in level, 70% of its initial level, on the observation date for that month.
Beginning Oct. 27, 2022, the notes will be automatically called at par if each index closes at or above its initial level on any monthly observation date.
The payout at maturity will be par unless any index finishes below its knock-in level, in which case the payout will be par minus 1% for every 1% that the least-performing index declines from its initial level.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying indexes: | Russell 2000, Dow Jones industrial average and Nasdaq-100
|
| Amount: | $975,000
|
| Maturity: | May 1, 2024
|
| Coupon: | Each month, notes pay contingent coupon at rate of 13% per year unless any index closes below knock-in level on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below knock-in level, in which case par minus 1% for every 1% that least-performing index declines from initial level
|
| Call: | Beginning Oct. 27, 2022, automatically at par if each index closes at or above initial level on any monthly observation date
|
| Initial levels: | 1,848.339 for Russell, 32,197.59 for Dow and 12,601.47 for Nasdaq
|
| Knock-in levels: | 1,293.8373 for Russell, 22,538.313 for Dow and 8,821.029 for Nasdaq, or 70% of initial levels
|
| Pricing date: | July 27, 2022
|
| Settlement date: | Aug. 1, 2022
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.6%
|
| Cusip: | 22553QEH6
|
|
|
© 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.
