Published on 12/17/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $430,000 10.04% autocallable reverse convertibles on tech stocks
Chicago, Dec. 17 – Credit Suisse AG, London Branch priced $430,000 of 10.04% autocallable reverse convertible securities due Jan. 19, 2021 linked to the lowest performing of the common stock of Apple Inc., the American Depositary Shares of Alibaba Group Holding Ltd. and the class A common stock of Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial share price on any quarterly trigger observation date beginning April 2, 2020.
The payout at maturity will be par unless any stock finishes below its knock-in price, 60% of its initial share price, in which case investors will receive a number of shares of the worst-performing stock equal to $1,000 divided by that stock’s 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: | Apple Inc., Alibaba Group Holding Ltd. and Facebook, Inc.
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| Amount: | $430,000
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| Maturity: | Jan. 19, 2021
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| Coupon: | 10.04%, payable quarterly
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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 number of shares of worst-performing stock equal to $1,000 divided by that stock’s initial share price or, at issuer’s option, amount in cash equal to value of those shares
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| Call: | Automatically at par if each stock closes at or above initial share price on any quarterly trigger observation date beginning April 2, 2020
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| Initial share prices: | $270.77 for Apple, $204.64 for Alibaba and $202.26 for Facebook
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| Knock-in prices: | $162.462 for Apple, $122.784 for Alibaba and $121.356 for Facebook; 60% of initial share prices
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| Pricing date: | Dec. 12
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| Settlement date: | Dec. 19
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.5%
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| Cusip: | 22549J4G2
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