Published on 4/9/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $590,000 20.37% autocallable reverse convertibles on four stocks
By Wendy Van Sickle
Columbus, Ohio, April 9 – Credit Suisse AG, London Branch priced $590,000 of 20.37% autocallable reverse convertibles due March 31, 2022 linked to the lowest performing of the common stock of Lyft, Inc., Overstock.com, Inc., Penn National Gaming, Inc. and Roku, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus the coupon due if all stocks close at or above their initial prices on any monthly observation date after three months.
If all stocks finish at or above their knock-in prices, 50% of their initial prices, the payout will be par plus the final coupon. If any stock finishes below its knock-in price, investors will be fully exposed to the losses of the least-performing stock from its initial level, with the proceeds delivered in shares of the least-performing stock.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable reverse convertibles
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| Underlying stocks: | Lyft, Inc., Overstock.com, Inc., Penn National Gaming, Inc. and Roku, Inc.
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| Amount: | $590,000
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| Maturity: | March 31, 2022
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| Coupon: | 20.37% per year, payable monthly
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| Price: | Par
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| Payout at maturity: | Par plus the final coupon if no stock finishes below its knock-in price; if any stock finishes below its knock-in price, par plus the decline of the least-performing stock from its initial level, with proceeds delivered in shares of the least-performing stock
|
| Call: | At par plus the coupon due if all stocks close at or above their initial prices on any monthly observation date after three months
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| Initial share prices: | $63.62 for Lyft, $63.28 for Overstock, $98.21 for Penn National and $300.79 for Roku
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| Knock-in prices: | $31.81 for Lyft, $31.64 for Overstock, $49.105 for Penn National and $150.395 for Roku; 50% of initial prices
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| Pricing date: | March 26
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| Settlement date: | March 31
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22550MSQ3
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