Published on 9/23/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.96 million contingent coupon autocallable reverse converts on stocks, ETF
By Wendy Van Sickle
Columbus, Ohio, Sept. 23 – Credit Suisse AG, London Branch priced $1.96 million of 8.5% contingent coupon autocallable reverse convertible securities due Sept. 20, 2022 linked to the least performing of three stocks and an exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The underliers are the VanEck Vectors Gold Miners ETF and the stocks of Amazon.com, Inc., CVS Health Corp. and Apple Inc.
Interest is payable quarterly if each asset 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 asset close at or above 80% of its initial price on any quarterly trigger observation date after six months.
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: | VanEck Vectors Gold Miners ETF and stocks of Amazon.com, Inc., CVS Health Corp. and Apple Inc.
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| Amount: | $1,964,000
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| Maturity: | Sept. 20, 2022
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| Coupon: | 8.5% per year, payable quarterly if each asset closes above coupon barrier on observation date
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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 all shares close at or above 80% of initial share price on any quarterly trigger observation date after six months
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| Initial prices: | $28.12 for Gold Miners, $1,822.55 for Amazon, $63.48 for CVS, $220.70 for Apple
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| Coupon barriers: | $16.872 for Gold Miners, $1,458.04 for Amazon, $38.088 for CVS, $132.42for Apple; 60% of initial levels
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| Knock-in levels: | $14.06 for Gold Miners, $1,093.53 for Amazon, $31.74 for CVS, $110.35 for Apple; 50% of initial levels
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| Pricing date: | Sept. 17
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| Settlement date: | Sept. 20
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.5%
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| Cusip: | 22549J2D1
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