Published on 10/5/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $500,000 autocallable reverse convertibles on two stocks
By Kiku Steinfeld
Chicago, Oct. 5 – Credit Suisse AG, London Branch priced $500,000 of 9.25% autocallable reverse convertible securities due July 14, 2026 linked to the least performing of the stocks of Fisker Inc. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
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 six months.
If the notes are not called, the payout at maturity will be par unless any stock finishes below its 50% 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: | Fisker Inc. and Tesla, Inc.
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| Amount: | $500,000
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| Maturity: | July 14, 2026
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| Coupon: | 9.25% per year, payable quarterly
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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 six months
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| Initial prices: | $16.90 for Fisker, $656.95 for Tesla
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| Knock-in levels: | $8.45 for Fisker, $328.475 for Tesla; 50% of initial levels
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| Pricing date: | July 9
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| Settlement date: | July 14
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4%
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| Cusip: | 22550MUG2
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