Published on 8/26/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.62 million contingent coupon autocallable reverse converts on stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 26 – Credit Suisse AG, London Branch priced $1.62 million of 11% contingent coupon autocallable reverse convertible securities due Aug. 29, 2022 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Facebook, Inc., Apple Inc., Amazon.com, Inc. and Alphabet Inc.
Interest is payable quarterly if each stock closes above its coupon barrier, 60% of its initial level, on the related observation date, in which case a coupon will also be paid for any previously unpaid quarter.
The notes will be called at par if the shares of the least performing stock close at or above their initial price on any quarterly trigger observation date starting on Feb. 19, 2021.
The payout at maturity will be par unless any of the stocks finishes below its 50% 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: | Contingent coupon autocallable reverse convertible securities
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| Underlying stocks: | Facebook, Inc., Apple Inc., Amazon.com, Inc. and Alphabet Inc.
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| Amount: | $1,621,000
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| Maturity: | Aug. 29, 2022
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| Coupon: | 11% per year, payable quarterly if each stock closes above coupon barrier on observation date, in which case a coupon will also be paid for any previously unpaid quarter
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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
|
| Call: | At par plus the coupon if shares close at or above initial share price on any quarterly trigger observation date starting on Feb. 19, 2021
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| Initial prices: | $269.01 for Facebook, $473.10 for Apple, $3,297.37 for Amazon, $1,576.25 for Alphabet
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| Coupon barriers: | $161.406 for Facebook, $283.86 for Apple, $1,978.422 for Amazon, $945.75 for Alphabet; 60% of initial levels
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| Knock-in levels: | $134.505 for Facebook, $236.55 for Apple, $1,648.685 for Amazon, $788.125 for Alphabet; 50% of initial levels
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| Pricing date: | Aug. 21
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| Settlement date: | Aug. 26
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.75%
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| Cusip: | 22550MJB6
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