New Issue: Credit Suisse sells $550,000 knock-out notes linked to S&P 500

By Marisa Wong

Los Angeles, May 8 – Credit Suisse AG, London Branch priced $550,000 of 0% knock-out notes due April 27, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

A knock-out event will occur if the final index level is less than 80% of the initial level.

If a knock-out event has not occurred, the payout at maturity will be par plus 118.25% of the index return, subject to a minimum payout of par.

If a knock-out event has occurred, investors will lose 1% for every 1% that the final index level is less than the initial index level.

J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.

Issuer:	Credit Suisse AG, London Branch
Issue:	Knock-out notes
Underlying index:	S&P 500
Amount:	$550,000
Maturity:	April 27, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If final index level is at least 80% of initial index level, par plus 118.25% of index return, subject to minimum payout of par; otherwise, 1% loss for every 1% that final index level is less than initial index level
Initial index level:	2,736.56
Knock-out level:	2,189.25, 80% of initial level
Final index level:	Average of index’s closing levels on five trading days ending April 24, 2023
Strike date:	April 21
Pricing date:	April 23
Settlement date:	April 28
Agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	2%
Cusip:	22551NZJ8

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