Published on 11/23/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1 million contingent coupon autocallable yield notes on four stocks
By Kiku Steinfeld
Chicago, Nov. 23 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due Sept. 25, 2024 linked to the least performing of the common stocks of Freeport-McMoRan Inc., ConocoPhillips, LyondellBasell Industries NV and Occidental Petroleum Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 32.1% if each stock closes at or above its coupon barrier, 70% of its initial level, on the observation date.
The notes will be called at par if each stock closes at or above its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless any stock finishes below its 70% knock-in level, in which case investors will be fully exposed to any losses of the least-performing stock.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Freeport-McMoRan Inc., ConocoPhillips, LyondellBasell Industries NV and Occidental Petroleum Corp.
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| Amount: | $1 million
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| Maturity: | Sept. 25, 2024
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| Coupon: | 32.1% per year, payable quarterly if each stock closes at or above its barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in level, in which full exposure to the losses of the least performing stock
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| Call: | Automatically at par if each stock closes at or above initial level on any quarterly trigger observation date
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| Initial prices: | $101.77 for Conoco, $49.86 for Freeport, $104.58 for Lyondell, $59.64 for Occidental
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| Coupon barriers: | $71.239 for Conoco, $34.902 for Freeport, $73.206 for Lyondell, $41.748 for Occidental; 70% of initial levels
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| Knock-in levels: | $71.239 for Conoco, $34.902 for Freeport, $73.206 for Lyondell, $41.748 for Occidental; 70% of initial levels
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| Pricing date: | March 22
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| Settlement date: | March 25
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.1%
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| Cusip: | 22553PPV5
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