Published on 9/26/2023 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $537,000 contingent coupon autocallable yield notes on three stocks
Chicago, Sept. 26 – Credit Suisse AG, London Branch priced $537,000 of contingent coupon autocallable yield notes due Sept. 27, 2024 linked to the least performing of the stocks of Advanced Micro Devices, Inc., Meta Platforms, Inc. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 30% if each stock closes at or above its coupon barrier, 60% of its 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 level on any monthly autocall observation date starting after one year.
The payout at maturity will be par plus the final coupon if each stock finishes at or above its 60% knock-in level.
Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level, payable in shares or cash at issuer’s option.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Advanced Micro Devices, Inc., Meta Platforms, Inc. and Tesla, Inc.
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| Amount: | $537,000
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| Maturity: | Sept. 27, 2024
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| Coupon: | 30% per year, payable monthly if each stock closes at or above its coupon barrier level on related observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each stock finishes at or above its knock-in barrier; otherwise, full exposure to decline of the worst performer from its initial level, payable in shares or cash at issuer’s option
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any monthly autocall observation date starting after one year
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| Initial levels: | $69.50 for AMD, $142.82 for Meta, $288.59 for Tesla
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| Coupon barriers: | $41.70 for AMD, $85.692 for Meta, $173.154 for Tesla; 60% of initial levels
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| Knock-in levels: | $41.70 for AMD, $85.692 for Meta, $173.154 for Tesla; 60% of initial levels
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| Pricing date: | Sept. 22, 2022
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| Settlement date: | Sept. 27, 2022
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.25%
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| Cusip: | 22550MG78
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