Published on 12/22/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $523,000 autocallable reverse convertibles on four stocks
By Kiku Steinfeld
Chicago, Dec. 23 – Credit Suisse AG, London Branch priced $523,000 of 20.5% autocallable reverse convertible securities due Dec. 21, 2020 linked to the least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Boot Barn Holdings, Inc., Facebook Inc., MongoDB, Inc. and Wingstop Inc.
Credit Suisse will pay the coupon monthly.
The notes will be called at par plus the coupon if the shares of the least performing stock close at or above their initial price on a monthly trigger observation date starting on March 17, 2020.
The payout at maturity will be par unless any of the stocks finishes below its 60% 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: | Autocallable reverse convertible securities
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| Underlying stocks: | Boot Barn Holdings, Inc., Facebook Inc., MongoDB, Inc. and Wingstop Inc.
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| Amount: | $523,000
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| Maturity: | Dec. 21, 2020
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| Coupon: | 20.5% per year, payable monthly
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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
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| Call: | At par plus coupon if shares close at or above initial share price on any monthly trigger observation date starting on March 17, 2020
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| Initial prices: | $42.34 for Boot Barn, $198.39 for Facebook, $129.39 for MongoDB and $85.83 for Wingstop
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| Coupon barrier/knock-in levels: | $25.404 for Boot Barn, $119.034 for Facebook, $77.634 for MongoDB and for $51.498 Wingstop; 60% of initial levels
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| Pricing date: | Dec. 17
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| Settlement date: | Dec. 19
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549J4E7
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