Published on 12/14/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $501,000 autocallable securities on stocks
By Kiku Steinfeld
Chicago, Dec. 14 – Credit Suisse AG, London Branch priced $501,000 of 0% autocallable securities due April 21, 2027 linked to the lowest performing of the common stocks of Moderna, Inc., Pinterest, Inc., Block, Inc. and Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an annual redemption premium of 25% if all stocks close at or above their call levels, 68% of their initial levels, on any quarterly observation date.
If the notes are not called and the worst performer is greater than the 50% knock-in level, the payout at maturity will be par plus 125%. If the final level of any stock is less than its knock-in level, investors will lose 1% for each 1% decline of the lesser performing stock from its initial level.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable securities
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| Underlying stocks: | Moderna, Inc., Pinterest, Inc., Block, Inc. and Wells Fargo & Co.
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| Amount: | $501,000
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| Maturity: | April 21, 2027
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 125% if all stocks close above knock-in levels; otherwise, full exposure to losses of worst performer
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| Call: | Automatically at par plus annualized redemption premium of 25% if each stock closes at or above 68% of its initial level on any quarterly observation date
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| Initial levels: | $154.75 for Moderna, $21.83 for Pinterest, $119.39 for Block, $47.17 for Wells
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| Knock-in levels: | $77.375 for Moderna, $10.915 for Pinterest, $59.695 for Block, $23.585 for Wells; 50% of initial levels
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| Call levels: | $105.23 for Moderna, $14.8444 for Pinterest, $81.1852 for Block, $32.0756 for Wells; 68% of initial levels
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| Pricing date: | April 18
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| Settlement date: | April 21
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.75%
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| Cusip: | 22553PSK6
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