Published on 6/17/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.11 million autocallable reverse convertibles on three stocks
By Kiku Steinfeld
Chicago, June 17 – Credit Suisse AG, London Branch priced $1.11 million of 19% autocallable reverse convertible securities due June 13, 2022 linked to the least performing of the stocks of Fastly, Inc., Square, Inc. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if the least-performing stock closes at or above its initial price on any monthly observation date after three months.
If the notes are not called, the payout at maturity will be par unless any of the stocks finishes below its 60% 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
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| Issue: | Autocallable reverse convertible securities
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| Underlying stocks: | Fastly, Inc., Square, Inc. and Tesla, Inc.
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| Amount: | $1,109,000
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| Maturity: | June 13, 2022
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| Coupon: | 19% per year, payable monthly
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| Price: | Par
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| 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
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| Call: | At par if shares close at or above initial share price on any monthly observation date after three months
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| Initial prices: | $54.69 for Fastly, $210.21 for Square, $598.78 for Tesla
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| Knock-in levels: | $32.814 for Fastly, $126.126 for Square, $359.268 for Tesla; 60% of initial levels
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| Pricing date: | June 9
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| Settlement date: | June 11
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22550MTV1
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