Published on 6/28/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.58 million autocallable contingent income securities on stocks
By William Gullotti
Buffalo, N.Y., June 28 – Credit Suisse AG, London Branch priced $2.58 million of autocallable contingent income securities due June 23, 2025 linked to the stock performance of Alphabet Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 11% if each stock closes at or above its coupon barrier level, 60% of the initial level, on the observation date for that period.
The notes will be called at par plus the coupon if each stock closes at or above its initial share price on any quarterly call observation date.
If the notes are not called and each stock finishes at or above its 60% barrier level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
Credit Suisse Securities (USA) LLC is the agent with Morgan Stanley Smith Barney LLC as the dealer.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable contingent income securities
|
| Underlying stocks: | Alphabet Inc., Microsoft Corp.
|
| Amount: | $2,583,500
|
| Maturity: | June 23, 2025
|
| Coupon: | 11% annual rate, payable quarterly if each stock closes at or above coupon barrier level on the relevant observation date
|
| Price: | Par of $10
|
| Payout at maturity: | If each stock finishes at or above barrier level, par plus final coupon; otherwise, 1% loss for each 1% decline of the worst performer from initial level
|
| Call: | At par plus coupon if each stock closes at or above initial price on any quarterly call observation date
|
| Initial levels: | $2,142.87 for Alphabet, $247.65 for Microsoft
|
| Coupon barrier levels: | $1,285.72 for Alphabet, $148.59 for Microsoft; 60% of initial prices
|
| Barrier levels: | $1,285.72 for Alphabet, $148.59 for Microsoft; 60% of initial prices
|
| Pricing date: | June 17
|
| Settlement date: | June 23
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Dealer: | Morgan Stanley Smith Barney LLC
|
| Fees: | 2.5%
|
| Cusip: | 22552J872
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
