Published on 5/18/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $505,000 autocallable reverse convertible securities on stocks
Chicago, May 18 – Credit Suisse AG, London Branch priced $505,000 of 20.4% autocallable reverse convertible securities due Oct. 28, 2022 tied to the least performing of the stocks of Alcoa Corp., Cloudflare, Inc. and Snap Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid monthly.
The notes will be called at par if each stock closes at or above its initial level on a monthly observation date after three months.
If the notes are not called and each stock finishes at or above 65% of its initial level, the payout will be par.
Otherwise, 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, the cash equivalent.
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: | Alcoa Corp., Cloudflare, Inc. and Snap Inc.
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| Amount: | $505,000
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| Maturity: | Oct. 28, 2022
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| Coupon: | 20.4% annual rate, paid monthly
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| Price: | Par
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| Payout at maturity: | If the notes are not called and each stock finishes at or above its barrier level, par; otherwise, 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, the cash equivalent
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| Call: | At par if each stock closes at or above its initial level on a monthly observation date after three months
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| Initial prices: | $49.55 for Alcoa, $185.36 for Cloudflare, $55.39 for Snap
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| Knock-in levels: | $32.2075 for Alcoa, $120.484 for Cloudflare, $36.0035 for Snap; 65% of initial levels
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| Pricing date: | Oct. 26, 2021
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| Settlement date: | Oct. 28, 2021
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22550MDT3
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