Published on 7/15/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $364,000 contingent coupon autocallable reverse convertibles on three stocks
By William Gullotti
Buffalo, N.Y., July 15 – Credit Suisse AG, London Branch priced $364,000 of contingent coupon autocallable reverse convertibles due July 15, 2024 linked to the lowest performing of the common stock of PayPal Holdings, Inc., Enphase Energy, Inc. and Chipotle Mexican Grill, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 17.65% if each stock closes at or above its coupon barrier price, 60% 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 after six months.
If all stocks finish at or above their knock-in prices, 60% 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: | PayPal Holdings, Inc., Enphase Energy, Inc., Chipotle Mexican Grill, Inc.
|
| Amount: | $364,000
|
| Maturity: | July 15, 2024
|
| Coupon: | 17.65% 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 that stock’s equity ratio
|
| Call: | At par plus the coupon due if all stocks close at or above their initial prices on any quarterly call observation date after six months
|
| Initial share prices: | $302.97 for PayPal, $185.72 for Enphase, $1,615.56 for Chipotle
|
| Coupon barrier prices: | $181.782 for PayPal, $111.432 for Enphase, $969.336 for Chipotle; 60% of initial prices
|
| Knock-in levels: | $181.782 for PayPal, $111.432 for Enphase, $969.336 for Chipotle; 60% of initial prices
|
| Pricing date: | July 12
|
| Settlement date: | July 15
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 4%
|
| Cusip: | 22550MUT4
|
|
|
© 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.
