Published on 8/17/2023 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $247,000 contingent coupon buffered autocalls on S&P, Dow
Chicago, Aug. 17 – Credit Suisse AG, London Branch priced $247,000 of contingent coupon buffered autocallable yield notes due July 28, 2027 linked to the performance of the lowest performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annualized rate of 6% if each index closes at or above its 75% coupon barrier on the related monthly observation date.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any monthly call observation date after one year.
The payout at maturity will be par plus the final coupon unless any index falls by more than 15%, in which case investors will lose 1% for each 1% decline of the worst performer beyond the 15% buffer.
Credit Suisse Securities (USA) LLC is the placement agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon buffered autocallable yield notes
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Underlying indexes: | S&P 500 index, Dow Jones industrial average
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Amount: | $247,000
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Maturity: | July 28, 2027
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Coupon: | 6% annualized, payable monthly if each index closes at or above its coupon barrier on related monthly observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon unless any index falls by more than 15%, in which case 1% loss for each 1% decline of the worst performer beyond 15%
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Call: | At par plus coupon if each index closes at or above initial level on any monthly call observation date after one year
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Initial levels: | 31990.04 for Dow, 3966.84 for S&P
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Coupon barriers: | 23992.53 for Dow, 2975.13 for S&P; 75% of initial levels
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Buffer levels: | 27191.534 for Dow, 3371.814 for S&P; 85% of initial levels
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Agent: | Credit Suisse Securities (USA) LLC
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Pricing date: | July 25, 2022
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Settlement date: | July 28, 2022
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Fees: | 3.85%
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Cusip: | 22553QCU9
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