Published on 5/27/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.8 million 12.5% autocallable reverse convertibles on four stocks
By Wendy Van Sickle
Columbus, Ohio, May 27 – Credit Suisse AG, London Branch priced $1.8 million of 12.5% autocallable reverse convertible securities due May 27, 2022 linked to the lowest performing of the common stocks of Domino’s Pizza, Inc., McDonald's Corp., Starbucks Corp. and Wendy’s Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if each stock closes at or above its initial share price on any monthly trigger observation date beginning in November.
The payout at maturity will be par unless any stock finishes below its knock-in price, 50% of its initial share price, in which case investors will receive a number of shares of the worst-performing stock equal to $1,000 divided by that stock’s 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: | Domino’s Pizza, Inc., McDonald's Corp., Starbucks Corp. and Wendy’s Co.
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| Amount: | $1.8 million
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| Maturity: | May 27, 2022
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| Coupon: | 12.5%, 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 number of shares of worst-performing stock equal to $1,000 divided by that stock’s initial share price or, at issuer’s option, amount in cash equal to value of those shares
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| Call: | Automatically at par if each stock closes at or above initial share price on any monthly trigger observation date beginning in November
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| Initial share prices: | $375.24 for Domino’s, $185.08 for McDonald's, $78.05 for Starbucks, $113.36 for Wendy’s
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| Knock-in prices: | $187.62 for Domino’s, $92.54 for McDonald's, $39.025 for Starbucks, $56.68 for Wendy’s; 50% of initial share prices
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| Pricing date: | May 21
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| Settlement date: | May 27
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 22550MEV7
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