Published on 7/14/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $890,000 autocallable reverse convertibles on stocks
By Sarah Lizee
Olympia, Wash., July 14 – Credit Suisse AG, London Branch priced $890,000 of 10.28% autocallable reverse convertible securities due Aug. 16, 2021 linked to the least performing of the stocks of Costco Wholesale Corp., Home Depot, Inc. and Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par if the least-performing stock closes at or above its initial price on any quarterly observation date starting in November.
If the notes are not called, the payout at maturity will be par unless any of the stocks finishes below its 70% knock-in level, in which case investors will receive a number of shares of the least-performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable reverse convertible securities
|
| Underlying stocks: | Costco Wholesale Corp., Home Depot, Inc. and Walmart Inc.
|
| Amount: | $890,000
|
| Maturity: | Aug. 16, 2021
|
| Coupon: | 10.28% per year, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below knock-in price, in which case shares of least-performing stock equal to $1,000 divided by initial share price or amount in cash equal to value of those shares
|
| Call: | At par if shares close at or above initial share price on any quarterly observation date starting in November
|
| Initial prices: | $316.23 for Costco, $247.35 for Home Depot, $126.95 for Walmart
|
| Knock-in levels: | $221.361 for Costco, $173.145 for Home Depot, $88.865 for Walmart; 70% of initial levels
|
| Pricing date: | July 8
|
| Settlement date: | July 15
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.5%
|
| Cusip: | 22550MGP8
|
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