Published on 9/16/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $8.7 million contingent coupon autocallable reverse convertibles on four stocks
By Wendy Van Sickle
Columbus, Ohio, Sept. 16 – Credit Suisse AG, London Branch priced $8.7 million of contingent coupon autocallable reverse convertibles due Jan. 27, 2023 linked to the lowest performing of the common stock of Apple Inc., Amazon.com, Inc., Netflix, Inc. and Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 9% if each stock closes at or above its coupon barrier price, 70% of its initial price, on the related observation date.
The notes will be called at par plus the coupon due if all stocks close at or above their initial prices on any quarterly call observation date after six months.
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 convertibles
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| Underlying stocks: | Apple Inc., Amazon.com, Inc., Netflix, Inc., Facebook, Inc.
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| Amount: | $8,696,000
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| Maturity: | Jan. 27, 2023
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| Coupon: | 9% 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 $1,000 divided by that stock’s initial share price
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| Call: | At par plus the coupon due if all stocks close at or above their initial prices on any quarterly call observation date after six months
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| Initial share prices: | $148.97 for Apple, $3,469.15 for Amazon, $598.72 for Netflix, $378.69 for Facebook
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| Coupon barrier prices: | $104.279 for Apple, $2,428.405 for Amazon, $419.104 for Netflix, $265.083 for Facebook; 70% of initial prices
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| Knock-in levels: | $89.382 for Apple, $2,081.49 for Amazon, $359.232 for Netflix, $227.214 | for Facebook; 60% of initial prices
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| Pricing date: | Sept. 10
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| Settlement date: | Sept. 15
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4.5%
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| Cusip: | 22552XUJ0
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