Published on 5/6/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.11 million 18% autocallable yield notes on three cruise stocks
By William Gullotti
Buffalo, N.Y., May 6 – Credit Suisse AG, London Branch priced $2.11 million of 18% autocallable yield notes with upper threshold feature due May 1, 2023 linked to the least performing of the stocks of Royal Caribbean Cruises Ltd., Norwegian Cruise Line Holdings Ltd. and Carnival Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is paid quarterly.
The notes will be called at par plus the coupon if each stock closes at or above its initial level on any quarterly trigger observation date.
The payout at maturity will be par plus the final fixed coupon if each stock finishes at or above its 60% knock-in level. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable yield notes with upper threshold feature
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| Underlying stocks: | Royal Caribbean Cruises Ltd., Norwegian Cruise Line Holdings Ltd., Carnival Corp.
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| Amount: | $2,111,000
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| Maturity: | May 1, 2023
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| Coupon: | 18% per year, payable quarterly
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above its knock-in level, par plus final fixed coupon; otherwise, lose 1% for every 1% decline of worst performer from initial level
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly trigger observation date
|
| Initial levels: | $78.67 for Royal Caribbean, $19.82 for Norwegian, $17.50 for Carnival
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| Knock-in levels: | $47.202 for Royal Caribbean, $11.892 for Norwegian, $10.50 for Carnival; 60% of initial levels
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| Strike date: | April 26
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| Pricing date: | April 27
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| Settlement date: | May 4
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.2%
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| Cusip: | 22553PU23
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