Published on 3/30/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.3 million 9% autocallable reverse convertibles on four stocks
By Wendy Van Sickle
Columbus, Ohio, March 30 – Credit Suisse AG, London Branch priced $3.3 million of 9% autocallable reverse convertibles due March 23, 2023 linked to the lowest performing of the common stock of Walt Disney Co., FedEx Corp., Goldman Sachs Group, Inc. and NIKE, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus the coupon due if all stocks close at or above their initial prices on any monthly 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. 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 shares of the least-performing stock.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable reverse convertibles
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| Underlying stocks: | Walt Disney Co., FedEx Corp., Goldman Sachs Group, Inc. and NIKE, Inc.
|
| Amount: | $3.3 million
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| Maturity: | March 23, 2023
|
| Coupon: | 9% per year, payable monthly
|
| 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 shares of the least-performing stock
|
| Call: | At par plus the coupon due if all stocks close at or above their initial prices on any monthly observation date after six months
|
| Initial share prices: | $192.28 for Disney, $263.51 for FedEx, $348.00 for Goldman and $143.17 for NIKE
|
| Knock-in prices: | $115.368 for Disney, $158.106 for FedEx, $208.80 for Goldman and $85.902 for NIKE; 60% of initial prices
|
| Pricing date: | March 18
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| Settlement date: | March 23
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.9%
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| Cusip: | 22550MRV3
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