By William Gullotti
Buffalo, N.Y., July 15 – Credit Suisse AG, London Branch priced $4 million of 0% review notes due Sept. 12, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a premium of 11.9% if the index closes at or above its initial level on Sept. 7, 2023.
If the notes are not called and the final level is greater than or equal to the initial level, the payout at maturity will be par plus 150% of the return.
Investors will receive par if the index declines by 25% or less. If the index finishes below its 75% knock-out level, investors will be fully exposed to the index’s decline from its initial level.
J.P. Morgan Securities LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Review notes
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| Underlying index: | S&P 500 index
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| Amount: | $4 million
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| Maturity: | Sept. 12, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If index finishes flat or gains, par plus 150% of the gain; par if index declines by 25% or less; otherwise, full exposure to index’s decline from initial level
|
| Call: | Automatically at par plus 11.9% if index closes at or above initial level on Sept. 7, 2023
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| Initial level: | Lowest index closing level on any trading day between July 7 and Aug. 31
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| Knock-out level: | 75% of initial level
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| Strike date: | July 7
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| Pricing date: | July 12
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| Settlement date: | July 15
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| Placement agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.58%
|
| Cusip: | 22553QCH8
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