By Wendy Van Sickle
Columbus, Ohio, May 11 – Credit Suisse AG, London Branch priced $10 million of 0% autocallable securities due May 9, 2025 linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a 9.5% annualized redemption premium if the index closes at or above its initial level on May 15, 2023 or May 6, 2024.
If the index finishes at or above 70% of its initial level, the payout at maturity will be par plus 28.5%.
If the final level of the index is less than its 70% downside threshold, investors will lose 1% for each 1% decline from the index’s initial level.
The agent is Credit Suisse Securities (USA) LLC. Morgan Stanley Smith Barney LLC is a dealer
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable securities
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| Underlying index: | S&P 500 index
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| Amount: | $10 million
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| Maturity: | May 9, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the final level of the index is at least 70% of its initial level, par plus 28.5%; otherwise, full exposure to index decline
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| Call: | Automatically at par plus a 9.5% annualized redemption premium if the index closes at or above its initial level on May 15, 2023 or May 6, 2024
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| Initial level: | 4,146.87
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| Downside threshold: | 2,902.81; 70% of initial levels
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| Pricing date: | May 6
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| Settlement date: | May 11
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| Agent: | Credit Suisse Securities (USA) LLC
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| Dealer: | Morgan Stanley Smith Barney LLC
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| Fees: | 0.67%
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| Cusip: | 22552J567
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