Published on 11/30/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $459,000 contingent coupon callable yield notes on two ETFs
By Kiku Steinfeld
Chicago, Nov. 30 – Credit Suisse AG, London Branch priced $459,000 of contingent coupon callable yield notes due June 30, 2023 to the performance of the Energy Select Sector SPDR fund and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 12.25% per year if each ETF closes at or above its coupon barrier price, 65% of its initial price, on the related observation date.
The notes may be called at par plus any contingent coupon due at the issuer’s option on any quarterly early redemption date after six months.
The payout at maturity will be par unless any ETF finishes below its 55% knock-in price, in which case investors will be exposed to the decline of the least-performing ETF from its initial price.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
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| Underlying funds: | Energy Select Sector SPDR fund, SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $459,000
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| Maturity: | June 30, 2023
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| Coupon: | 12.25% per year, payable quarterly if each underlying ETF closes at or above its coupon barrier price on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any ETF finishes below its knock-in price, in which case investors will be exposed to the decline of the least-performing ETF from its initial price
|
| Call: | Par plus any contingent coupon due on any quarterly early redemption date after six months
|
| Initial prices: | $78.75 for Energy, $138.60 for Oil & Gas
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| Coupon barrier: | $51.1875 for Energy, $90.09 for Oil & Gas; 65% of initial prices
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| Knock-in prices: | $43.3125 for Energy, $76.23 for Oil & Gas; 55% of initial prices
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| Pricing date: | March 25
|
| Settlement date: | March 30
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.25%
|
| Cusip: | 22553PNY1
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