Published on 9/7/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $183,000 contingent coupon autocallable reverse convertibles
By William Gullotti
Buffalo, N.Y., Sept. 7 – Credit Suisse AG, London Branch priced $183,000 of contingent coupon autocallable reverse convertible securities due Dec. 29, 2023 linked to the lowest performing of the stocks of Facebook, Inc., Snap Inc. and Twitter, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 15% 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 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, 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
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| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stocks: | Facebook, Inc., Snap Inc., Twitter, Inc.
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| Amount: | $183,000
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| Maturity: | Dec. 29, 2023
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| Coupon: | 15% per year, payable monthly if each stock closes at or above its coupon barrier price on the related observation date
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| Price: | Par
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| 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
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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: | $355.64 for Facebook, $66.22 for Snap, $68.29 for Twitter
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| Coupon barrier prices: | $213.384 for Facebook, $39.732 for Snap, $40.974 for Twitter; 60% of initial prices
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| Knock-in levels: | $213.384 for Facebook, $39.732 for Snap, $40.974 for Twitter; 60% of initial prices
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| Pricing date: | June 28
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| Settlement date: | June 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4%
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| Cusip: | 22550MTZ2
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