Published on 11/23/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $626,000 autocallable reverse converts on stocks
By Wendy Van Sickle
Columbus, Ohio, Nov. 23 – Credit Suisse AG, London Branch priced $626,000 of autocallable reverse convertible securities due Nov. 16, 2021 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Fastly, Inc., Teladoc Health, Inc. and Zoom Video Communications, Inc.
Interest is payable monthly at an annual rate of 19.2% if each stock closes above its coupon barrier, 55% of its initial level, on the related observation date.
The notes will be called at par if the shares of the least performing stock close at or above their initial price on any monthly trigger observation date starting Feb. 11, 2021.
The payout at maturity will be par unless any of the stocks finishes below its 55% 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: | Fastly, Inc., Teladoc Health, Inc. and Zoom Video Communications, Inc.
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| Amount: | $626,000
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| Maturity: | Nov. 16, 2021
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| Coupon: | 19.2% per year, payable monthly if each stock closes above coupon barrier on observation date
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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
|
| Call: | At par plus the coupon if shares close at or above initial share price on any monthly trigger observation date starting Feb. 11, 2021
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| Initial prices: | $76.24 for Fastly, $186.99 for Teladoc and $428.64 for Zoom
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| Coupon barriers: | $41.932 for Fastly, $102.8445 for Teladoc and $235.752 for Zoom; 55% of initial levels
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| Knock-in levels: | $41.932 for Fastly, $102.8445 for Teladoc and $235.752 for Zoom; 55% of initial levels
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| Pricing date: | Nov. 12
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| Settlement date: | Nov. 16
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22550MLL1
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