Published on 11/29/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $250,000 autocallable yield notes on stocks
By Kiku Steinfeld
Chicago, Nov. 29 – Credit Suisse AG, London Branch priced $250,000 of autocallable yield notes due March 31, 2025 linked to the common stocks of American Airlines Group Inc., Wynn Resorts, Ltd. and Phillips 66, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at a rate of 11.75% per year.
If each stock closes at or above its initial level on any monthly trigger observation date after six months, the notes will be automatically called at par plus the coupon.
The payout at maturity will be par unless any stock finishes below its 50% knock-in level, in which case investors will be fully exposed to any losses of the least-performing stock.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable yield notes
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| Underlying stocks: | American Airlines Group Inc., Wynn Resorts, Ltd. and Phillips 66
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| Amount: | $250,000
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| Maturity: | March 31, 2025
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| Coupon: | 11.75% per year, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in level, in which case full exposure to the losses of the least performing stock
|
| Call: | Automatically at par if each stock closes at or above initial levels on any monthly trigger observation date after six months
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| Initial prices: | $17.01 for American, $83.85 for Phillips, for $80.27 for Wynn
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| Knock-in levels: | $8.505 for American, $41.925for Phillips, $40.135 for Wynn; 50% of initial levels; 50% of initial prices
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| Pricing date: | March 25
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| Settlement date: | March 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4%
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| Cusip: | 22553PN21
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