Published on 1/19/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.02 million contingent coupon autocallable reverse converts on stocks
By Kiku Steinfeld
Chicago, Jan. 19 – Credit Suisse AG, London Branch priced $1.02 million of 8% contingent coupon autocallable reverse convertible securities due Jan. 22, 2024 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Global Payments Inc., Fidelity National Information Services, Inc. and Fiserv, Inc.
Interest is payable quarterly if each stock closes above its coupon barrier, 60% of its initial level, on the related observation date, in which case any previously unpaid coupons will also be paid.
The notes will be called at par if the shares of the least performing stock close at or above their initial price on any quarterly trigger observation date.
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: | Contingent coupon autocallable reverse convertible securities
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| Underlying stocks: | Global Payments Inc., Fidelity National Information Services, Inc. and Fiserv, Inc.
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| Amount: | $1,024,000
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| Maturity: | Jan. 22, 2024
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| Coupon: | 8% per year, payable quarterly plus any previously unpaid coupons if each stock closes above coupon barrier on observation date
|
| 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
|
| Call: | At par if shares close at or above initial share price on any quarterly trigger observation date
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| Initial prices: | $200.54 for Global Payments, $133.63 for Fidelity National, $111.20 for Fiserv
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| Coupon barriers: | $120.324 for Global Payments, $80.178 for Fidelity National, $66.72 for Fiserv; 60% of initial levels
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| Knock-in levels: | $120.324 for Global Payments, $80.178 for Fidelity National, $66.72 for Fiserv; 60% of initial levels
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| Pricing date: | Jan. 13
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| Settlement date: | Jan. 20
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.25%
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| Cusip: | 22550MPA1
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