Published on 4/6/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $56.83 million contingent coupon autocallable buffered notes on S&P 500
By Wendy Van Sickle
Columbus, Ohio, April 6 – Credit Suisse AG, London Branch priced $56.83 million of contingent coupon autocallable buffered notes due April 6, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 8.25% if the index closes above its coupon barrier, 80% of its initial level, on the related observation date.
The notes will be automatically called if the index closes at or above the initial index level on any semiannual observation date starting April 3, 2023.
If the notes are not called and the index return is positive, the payout at maturity will be par. Investors will receive par if the index falls by up to 20% and will lose 1.25% for each 1% loss beyond 20%.
Credit Suisse Securities (USA) LLC is the underwriter.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable buffered notes
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| Underlying index: | S&P 500
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| Amount: | $56,833,000
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| Maturity: | April 6, 2026
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| Coupon: | 8.25%, payable semiannually if index closes above 80% coupon barrier on observation date
|
| Price: | Par of $1,000
|
| Payout at maturity: | If the notes are not called and the index return is positive, par; par if the index falls by up to 20%; 1.25% loss for each 1% loss beyond 20%
|
| Call: | Automatically at par if the index closes at or above the initial index level on any semiannual observation date starting April 3, 2023
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| Initial level: | 4,530.41
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| Buffer level: | 3,624.328, 80% of initial level
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| Pricing date: | March 31
|
| Settlement date: | April 5
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0%
|
| Cusip: | 22553PPK9
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