Published on 8/11/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.83 million autocallable reverse convertibles on Stitch Fix
By Sarah Lizee
Olympia, Wash., Aug. 11 – Credit Suisse AG, London Branch priced $2.83 million of 13.75% autocallable reverse convertible securities due Nov. 4, 2021 linked to the common stock of Stitch Fix, 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 shares close at or above the initial share price on any quarterly trigger observation date after six months.
The payout at maturity will be par unless the shares finish below the knock-in level, 50% of the initial share price, in which case investors will receive a number of shares 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 stock: | Stitch Fix, Inc.
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Amount: | $2,831,000
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Maturity: | Nov. 4, 2021
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Coupon: | 13.75% payable monthly
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Price: | Par
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Payout at maturity: | Par unless the shares finish below the knock-in level, in which case investors will receive a number of shares 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
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Call: | At par if shares close at or above initial share price on any quarterly trigger observation date after six months
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Initial level: | $23.00
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Knock-in price: | $11.50, 50% of initial share price
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Pricing date: | July 30
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Settlement date: | Aug. 4
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.25%
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Cusip: | 22550MGV5
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