Published on 10/11/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $784,000 contingent coupon autocallable yield notes on Toll Brothers
By Kiku Steinfeld
Chicago, Oct. 11 – Credit Suisse AG, London Branch priced $784,000 of contingent coupon autocallable yield notes due Feb. 24, 2025 linked to the common stock of Toll Brothers, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at a rate of 11% per year if the stock closes at or above its coupon barrier price, 70% of its initial price, on the related observation date, in which case any previously unpaid coupons will also be paid.
The notes will be called at par if the stock closes at or above its initial price on any quarterly observation date after six months.
The payout at maturity will be par unless the stock finishes below its knock-in price, 70% of its initial price, in which case investors will be fully exposed to the decline of the stock.
Credit Suisse Securities (USA) LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying stock: | Toll Brothers, Inc.
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| Amount: | $784,000
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| Maturity: | Feb. 24, 2025
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| Coupon: | 11% per year, payable quarterly plus any previously unpaid coupons if the stock closes at or above its coupon barrier price on the related observation date
|
| Price: | Par
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| Payout at maturity: | Par unless the stock finishes below its knock-in price, in which case full exposure to decline of stock
|
| Call: | At par if the stock closes at or above its initial price on any quarterly observation date after six months
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| Initial price: | $55.63
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| Knock-in/coupon barrier price: | $38.941, 70% of initial price
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| Pricing date: | Feb. 17, 2022
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| Settlement date: | Feb. 23, 2022
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.9%
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| Cusip: | 22553PK24
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