Published on 5/19/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.37 million notes on equally-weighted commodity basket
By William Gullotti
Buffalo, N.Y., May 19 – Credit Suisse AG, London Branch priced $2.37 million of 0% commodity-linked partial principal at risk securities due Nov. 16, 2023 linked to the performance of an equally-weighted basket of eight commodities, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of West Texas Intermediate light sweet crude oil, Brent crude oil, natural gas futures, corn, soybeans, wheat, copper and zinc.
The payout at maturity will be par plus the basket return, subject to a maximum payout of par plus 25% and a minimum payout at 98% of par.
Credit Suisse Securities (USA) LLC is the underwriter with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Notes
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Underlying assets: | West Texas Intermediate light sweet crude oil, Brent crude oil, natural gas futures, corn, soybeans, wheat, copper, zinc; equal weights
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Amount: | $2.37 million
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Maturity: | Nov. 16, 2023
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus basket return capped at 25%; floor at 98% of par
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Initial prices: | $110.49 for WTI, $111.55 for Brent, $7.663 for natural gas, $781.25 for corn, $1,646.50 for soybeans, $1,177.50 for wheat, $9,064 for copper, $3,500 for zinc
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Pricing date: | May 13
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Settlement date: | May 18
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Underwriter: | Credit Suisse Securities (USA) LLC
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Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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Fees: | 1.25%
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Cusip: | 22553PXL8
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