Published on 11/23/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $556,000 autocallable reverse convertibles on three stocks
By Kiku Steinfeld
Chicago, Nov. 23 – Credit Suisse AG, London Branch priced $556,000 of 20% autocallable reverse convertible securities due March 27, 2023 linked to the least performing of the stocks of Ford Motor Co., Micron Technology, Inc. and Twitter, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if the least-performing stock closes at or above its initial price on any monthly observation date after three months.
If the notes are not called, the payout at maturity will be par unless any of the stocks finishes below its 65% 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: | Ford Motor Co., Micron Technology, Inc. and Twitter, Inc.
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| Amount: | $556,000
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| Maturity: | March 27, 2023
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| Coupon: | 20% 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
|
| Call: | At par if shares close at or above initial share price on any monthly observation date after three months
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| Initial prices: | $16.68 for Ford, $75.65 for Micron, $38 for Twitter
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| Knock-in levels: | $10.842 for Ford, $49.1725 for Micron, $24.70 for Twitter; 65% of initial levels
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| Pricing date: | March 23
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| Settlement date: | March 25
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22550MZR3
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