Published on 8/28/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $741,000 contingent coupon autocallable reverse converts on stocks, trust
By Wendy Van Sickle
Columbus, Ohio, Aug. 28 – Credit Suisse AG, London Branch priced $741,000 of 7% contingent coupon autocallable reverse convertible securities due Aug. 28, 2023 linked to the least performing of two stocks and a trust, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are CrowdStrike Holdings, Inc. and MongoDB, Inc. The trust is the iShares Silver trust.
Interest is payable monthly if each asset closes above its coupon barrier, 50% of its initial level, on the related observation date, in which case a coupon will also be paid for any previously unpaid month.
The notes will be called at par if the shares of the least performing asset close at or above 71.5% of their initial price on any monthly trigger observation date starting on Nov. 23.
The payout at maturity will be par unless any of the assets finishes below its 50% knock-in level, in which case investors will receive a number of shares of the least performing asset 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 assets: | CrowdStrike Holdings, Inc., MongoDB, Inc., iShares Silver trust
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| Amount: | $741,000
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| Maturity: | Aug. 28, 2023
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| Coupon: | 11% per year, payable monthly if each asset closes above coupon barrier on observation date, in which case a coupon will also be paid for any previously unpaid month
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| Price: | Par
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| Payout at maturity: | Par unless any asset finishes below knock-in price, in which case shares of least performing asset 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 plus the coupon if shares close at or above 71.5% of initial share price on any monthly trigger observation date starting on Nov. 23
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| Initial prices: | $111.245 for CrowdStrike, $210.99 for Mongo, $24.60 for trust
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| Coupon barriers: | $55.6225 for CrowdStrike, $105.495 for Mongo, $12.30 for trust; 50% of initial levels
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| Knock-in levels: | $55.6225 for CrowdStrike, $105.495 for Mongo, $12.30 for trust; 50% of initial levels
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| Pricing date: | Aug. 24
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| Settlement date: | Aug. 27
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 22550MHZ5
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