Published on 9/12/2023 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $202,000 contingent coupon autocallable reverse converts on stocks
Chicago, Sept. 12 – Credit Suisse AG, London Branch priced $202,000 of contingent coupon autocallable reverse convertible securities due Aug. 29, 2025 linked to the lowest performing of the stocks of Airbnb, Inc. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 19.2% if each stock closes at or above its coupon barrier price, 50% of its initial price, on the related observation date. Previously unpaid coupons will also be paid.
The notes will be called at par plus the coupon 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, 50% 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 or cash at the issuer’s option.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stocks: | Airbnb, Inc. and Tesla, Inc.
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| Amount: | $202,000
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| Maturity: | Aug. 29, 2025
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| Coupon: | 19.2% per year, payable quarterly if each stock closes at or above its coupon barrier price on the related observation date; previously unpaid coupons will also be paid
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| Price: | Par
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| Payout at maturity: | Par plus any final coupon due 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 or cash at issuer’s option
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| Call: | At par plus coupon if all stocks close at or above their initial prices on any quarterly call observation date
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| Initial share prices: | $113.54 for Airbnb, $284.82 for Tesla
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| Coupon barrier prices: | $56.77 for Airbnb, $142.41 for Tesla; 50% of initial prices
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| Knock-in levels: | $56.77 for Airbnb, $142.41 for Tesla; 50% of initial prices
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| Pricing date: | Aug. 29, 2022
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| Settlement date: | Aug. 31, 2022
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4.5%
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| Cusip: | 22550MF87
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