Published on 5/22/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $970,000 autocallable securities on Dow, Russell, S&P
By Kiku Steinfeld
Chicago, May 23 – Credit Suisse AG, London Branch priced $970,000 of 0% autocallable securities due Oct. 20, 2026 linked to the Dow Jones industrial average, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an annualized redemption premium of 6.5% if each underlying index closes at or above its initial level on any annual review date.
If the notes are not called and each index finishes at or above its initial level, the payout at maturity will be par plus the contingent return of 32.5%. If any index falls but each index finishes at or above its 60% knock-in level, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the least-performing index.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Autocallable securities
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Underlying indexes: | Dow Jones industrial average, S&P 500 index and Russell 2000 index
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Amount: | $970,000
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Maturity: | Oct. 20, 2026
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 32.5% if each index finishes at or above initial level; par if any index falls but none finish below knock-in level; otherwise, investors will be fully exposed to any decline of the least performing index
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Call: | Automatically at par plus annualized redemption premium of 6.5% if each index closes at or above its initial level on any annual review date
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Initial levels: | 4,471.37 for S&P, 35,294.76 for Dow, 2,265.654 for Russell
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Knock-in levels: | 2,682.822 for S&P, 21,176.856 for Dow, 1,359.3924 for Russell; 60% of initial levels
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Pricing date: | Oct. 15, 2021
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Settlement date: | Oct. 20, 2021
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 4.1%
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Cusip: | 22552XY31
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