Published on 8/18/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.7 million market-linked autocalls with contingent coupons on stocks
By William Gullotti
Buffalo, N.Y., Aug. 18 – Credit Suisse AG priced $1.7 million of market-linked securities – autocallable with contingent coupon and contingent downside due Aug. 17, 2027 linked to the stock performance of Amazon.com, Inc., the Microsoft Corp. and the Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 15% if each stock closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be called at par plus coupon if each stock closes at or above its initial level on any monthly observation date after six months.
If the notes are not called and each stock finishes at or above its 70% downside threshold, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
Wells Fargo Securities LLC is the agent.
| Issuer: | Credit Suisse AG
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| Issue: | Market-linked securities – autocallable with contingent coupon and contingent downside
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| Underlying stocks: | Microsoft Corp., Apple Inc., Amazon.com, Inc.
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| Amount: | $1,701,000
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| Maturity: | Aug. 17, 2027
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| Coupon: | 15% per year, payable monthly if each stock closes at or above its coupon barrier level on observation date
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above its downside threshold, par plus final coupon; otherwise, full exposure to decline of worst performer from initial level
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any monthly observation date after six months
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| Initial levels: | $172.10 for Apple, $291.91 for Microsoft, $143.55 for Amazon
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| Coupon barriers: | $120.47 for Apple, $204.337 for Microsoft, $100.485 for Amazon; 70% of initial levels
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| Downside thresholds: | $120.47 for Apple, $204.337 for Microsoft, $100.485 for Amazon; 70% of initial levels
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| Pricing date: | Aug. 12
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| Settlement date: | Aug. 17
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 2.475%
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| Cusip: | 22553QG76
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