Published on 7/28/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.9 million contingent coupon autocallable reverse convertibles on four stocks
By Wendy Van Sickle
Columbus, Ohio, July 28 – Credit Suisse AG, London Branch priced $1.9 million of contingent coupon autocallable reverse convertibles due Jan. 27, 2023 linked to the lowest performing of the common stock of Apple Inc., Amazon.com, Inc., Netflix, Inc. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 17.5% if each stock closes at or above its coupon barrier price, 65% of its initial price, on the related observation date.
The notes will be called at par plus the coupon due if all stocks close at or above their initial prices on any quarterly call observation date.
If all stocks finish at or above their knock-in prices, 65% of their initial prices, the payout will be par plus the final coupon. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable reverse convertibles
|
| Underlying stocks: | Apple Inc., Amazon.com, Inc., Netflix, Inc., Tesla, Inc.
|
| Amount: | $1.9 million
|
| Maturity: | Jan. 27, 2023
|
| Coupon: | 17.5% per year, payable monthly if each stock closes at or above its coupon barrier price on the related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon if no stock finishes below its knock-in price; otherwise, investors will receive number of shares of worst performer equal to $1,000 divided by that stock’s initial share price
|
| Call: | At par plus the coupon due if all stocks close at or above their initial prices on any quarterly call observation date
|
| Initial share prices: | $148.56 for Apple, $3,656.64 for Amazon, $515.41 for Netflix, $643.38 for Tesla
|
| Coupon barrier prices: | $96.564 for Apple, $2,376.816 for Amazon, $335.0165 for Netflix, $418.197 for Tesla; 65% of initial prices
|
| Knock-in levels: | $96.564 for Apple, $2,376.816 for Amazon, $335.0165 for Netflix, $418.197 for Tesla; 65% of initial prices
|
| Pricing date: | July 23
|
| Settlement date: | July 27
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 3.284%
|
| Cusip: | 22550MVD8
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
