Published on 1/14/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $965,000 contingent coupon autocallable reverse convertibles on three stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 14 – Credit Suisse AG, London Branch priced $965,000 of contingent coupon autocallable reverse convertibles due Jan. 16, 2024 linked to the lowest performing of the common stock of Cigna Corp., Humana Inc. and HCA Healthcare, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 10.37% if each stock closes at or above its coupon barrier price, 60% of its initial price, on the related observation date.
The notes will be called at par plus the coupon due if all stocks close at or above their initial prices on any quarterly observation date.
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
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Issue: | Contingent coupon autocallable reverse convertibles
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Underlying stocks: | Cigna Corp. (Symbol: CI), Humana Inc. (Symbol: HUM) and HCA Healthcare, Inc. (Symbol: HCA)
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Amount: | $965,000
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Maturity: | Jan. 16, 2024
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Coupon: | 10.37% per year, payable quarterly if each stock closes at or above its coupon barrier price on the related observation date
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Price: | Par
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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
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Call: | At par plus the coupon due if all stocks close at or above their initial prices on any quarterly observation date
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Initial share prices: | $220.80 for Cigna, $436.77 for Humana and $172.28 for HCA
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Knock-in/coupon barrier prices: | $132.48 for Cigna, $262.062 for Humana and $103.368 for HCA; 60% of initial prices
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Pricing date: | Jan. 11
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Settlement date: | Jan. 15
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.5%
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Cusip: | 22550MNW5
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