Published on 6/9/2023 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $400,000 autocallable securities linked to Freeport-McMoRan
By Angela McDaniels
Tacoma, Wash., June 9 – Credit Suisse AG, London Branch priced $400,000 of 0% autocallable securities due July 14, 2025 linked to the common stock of Freeport-McMoRan Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a call premium of 28.5% per year if the stock closes at or above the initial share price on July 11, 2023 or July 10, 2024.
If the final share price is greater than or equal to the initial share price, the payout at maturity will be par plus 85.5%. If the final share price is less than the initial share price but greater than or equal to the knock-in level, 60% of the initial share price, the payout will be par. If the final share price is less than the knock-in level, the payout will be a number of Freeport-McMoRan shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
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 stock: | Freeport-McMoRan Inc.
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| Amount: | $400,000
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| Maturity: | July 14, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final share price is greater than or equal to initial share price, par plus 85.5%; if final share price is less than initial share price but greater than or equal to knock-in level, par; otherwise, number of Freeport-McMoRan shares equal to $1,000 divided by initial share price or, at issuer’s option, amount in cash equal to value of those shares
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| Call: | Automatically at par plus call premium of 28.5% per year if stock closes at or above initial share price on July 11, 2023 or July 10, 2024
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| Initial share price: | $28.00
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| Knock-in level: | $16.80, or 60% of initial share price
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| Strike date: | July 8, 2022
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| Pricing date: | July 11, 2022
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| Settlement date: | July 14, 2022
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.75%
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| Cusip: | 22550ME62
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