Published on 6/22/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $5 million 8% autocallable reverse convertibles on Amazon, Shopify
By William Gullotti
Buffalo, N.Y., June 22 – Credit Suisse AG, London Branch priced $5 million of 8% autocallable reverse convertible securities due June 16, 2023 linked to the least performing of the stock of Amazon.com, Inc. and the subordinate voting shares of Shopify Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if the least-performing stock closes at or above its initial price on any quarterly observation date after one year.
If the notes are not called, the payout at maturity will be par unless any of the stocks finishes below its 70% 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: | Autocallable reverse convertible securities
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Underlying stocks: | Amazon.com, Inc., Shopify Inc.
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Amount: | $5,000,000
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Maturity: | June 16, 2023
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Coupon: | 8% per year, payable monthly
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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 if shares close at or above initial share price on any quarterly observation date after one year
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Initial prices: | $3346.83 for Amazon, $1247.02 for Shopify
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Knock-in levels: | $2342.781 for Amazon, $872.914 for Shopify; 70% of initial levels
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Pricing date: | June 11
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Settlement date: | June 16
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 3.53%
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Cusip: | 22550MTT6
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