New Issue: Credit Suisse sells $500,000 of 16.4% autocallable reverse convertibles on five stocks

By William Gullotti

Buffalo, N.Y., Feb. 10 – Credit Suisse AG, London Branch priced $500,000 of 16.4% autocallable reverse convertible securities due April 25, 2022 linked to the lowest performing of the common stocks of Apple Inc., Amazon.com, Inc., Facebook, Inc., the class C capital stock of Alphabet Inc. and the common stock of Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Coupons will be paid quarterly.

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.

If all stocks finish at or above their knock-in prices, 80% of their initial prices, the payout will be par plus the final coupon. If any stock finishes below its knock-in price, investors will be fully exposed to the losses of the least-performing stock from its initial level, with the proceeds delivered in cash or shares of the least-performing stock at the issuer’s discretion.

Credit Suisse Securities (USA) LLC is the agent.

Issuer:	Credit Suisse AG, London Branch
Issue:	Autocallable reverse convertible securities
Underlying stocks:	Apple Inc., Amazon.com, Inc., Facebook, Inc., Alphabet Inc., Netflix, Inc.
Amount:	$500,000
Maturity:	April 25, 2022
Coupon:	16.4% per year, payable quarterly
Price:	Par
Payout at maturity:	Par plus the final coupon if no stock finishes below its knock-in price; if any stock finishes below its knock-in price, par plus the decline of the least-performing stock from its initial level, with proceeds delivered in cash or shares of the least-performing stock at the issuer’s discretion
Call:	At par plus the coupon due if all stocks close at or above their initial prices on any quarterly call observation date
Initial share prices:	$134.16 for Apple, $3,399.44 for Amazon, $306.18 for Facebook, $2,297.76 for Alphabet, $546.54 for Netflix
Knock-in levels:	$107.328 for Apple, $2,719.552 for Amazon, $244.944 for Facebook, $1,838.208 for Alphabet, $437.232 for Netflix; 80% of initial prices
Pricing date:	April 19, 2021
Settlement date:	April 23, 2021
Agent:	Credit Suisse Securities (USA) LLC
Fees:	0.25%
Cusip:	22550MSX8

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.