Published on 12/16/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3 million autocallable reverse convertibles on stocks
By Emma Trincal
New York, Dec. 16 – Credit Suisse AG, London Branch priced $3 million of 8% autocallable reverse convertible securities due Dec. 16, 2022 linked to the least performing of the shares of Bristol-Myers Squibb Co., FedEx Corp., Alphabet Inc. and Charles Schwab Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if the shares of the least performing stock close at or above its initial price on any monthly observation date after six months.
If the notes are not called, the payout at maturity will be par unless any of the stocks finish below its 56% 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: | Bristol-Myers Squibb Co., FedEx Corp., Alphabet Inc. and Charles Schwab Corp.,
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| Amount: | $3 million
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| Maturity: | Dec. 16, 2022
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| Coupon: | 8% 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 if shares close at or above initial share price on any monthly observation date after six months
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| Initial prices: | $60.72 for Bristol-Myers, $289.47 for FedEx, $1774.80 for Alphabet and $49.43 for Charles Schwab
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| Knock-in levels: | $34.0032 for Bristol-Myers, $162.1032 for FedEx, $993.888 for Alphabet and $27.6808 for Charles Schwab; 56% of initial levels
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| Pricing date: | Dec. 11
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| Settlement date: | Dec. 16
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.1%
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| Cusip: | 22550MMK2
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