Published on 12/30/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.25 million contingent coupon autocallable reverse converts on three stocks
By Sarah Lizee
Olympia, Wash., Dec. 30 – Credit Suisse AG, London Branch priced $1.25 million of 10.8% contingent coupon autocallable reverse convertible securities due Dec. 30, 2021 linked to the least performing of the stocks of salesforce.com, inc., UnitedHealth Group Inc. and Zions Bancorp NA, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly if each stock closes above its coupon barrier, 60% of its initial level, on the related observation date.
The notes will be called at par if the shares of the least performing stock close at or above its initial price on any quarterly observation date starting June 23, 2020.
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: | salesforce.com, inc., UnitedHealth Group Inc. and Zions Bancorp NA
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| Amount: | $1.25 million
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| Maturity: | Dec. 30, 2021
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| Coupon: | 10.8% per year, payable quarterly if each stock closes above coupon barrier on observation date
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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
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| Call: | At par plus the coupon if shares close at or above initial share price on any quarterly observation date starting June 23, 2020
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| Initial prices: | $164.55 for salesforce.com, $292.59 for UnitedHealth, $51.63 for Zions
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| Coupon barrier/knock-in levels: | $98.73 for salesforce.com, $175.554 for UnitedHealth, $30.978 for Zions; 60% of initial levels
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| Pricing date: | Dec. 20
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| Settlement date: | Dec. 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.5%
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| Cusip: | 22549J4L1
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