Published on 4/24/2023 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $394,000 contingent coupon autocallables linked to four stocks
By Angela McDaniels
Tacoma, Wash., April 24 – Credit Suisse AG, London Branch priced $394,000 of contingent coupon autocallable yield notes due June 3, 2025 linked to the least performing of the common stocks of Apple Inc., Amazon.com, Inc., Alphabet Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at the rate of 17.5% per year if each stock closes at or above its knock-in level, 70% of its initial level, on the observation date for that month.
Beginning Nov. 30, 2022, the notes will be automatically called at par if each stock closes at or above its initial level on any monthly observation date.
The payout at maturity will be par unless any stock finishes below its knock-in level, in which case investors will be exposed to the decline of the least-performing stock.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Apple Inc., Amazon.com, Inc., Alphabet Inc. and Microsoft Corp.
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| Amount: | $394,000
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| Maturity: | June 3, 2025
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| Coupon: | 17.5% per year, payable monthly if each stock closes at or above knock-in level on observation date for that month
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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 exposure to decline of least-performing stock
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| Call: | Beginning Nov. 30, 2022, automatically at par if each stock closes at or above initial share price on any monthly observation date
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| Initial share prices: | $148.84 for Apple, $2,404.19 for Amazon, $2,280.78 for Alphabet and $271.87 for Microsoft
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| Knock-in levels: | $104.188 for Apple, $1,682.933 for Amazon, $1,596.546 for Alphabet and $190.309 for Microsoft, or 70% of initial share prices
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| Pricing date: | May 31, 2022
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| Settlement date: | June 3, 2022
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.5%
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| Cusip: | 22553PZ69
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