Published on 1/19/2023 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.75 million 13.35% autocallable reverse convertibles on three stocks
By William Gullotti
Buffalo, N.Y., Jan. 19 – Credit Suisse AG, London Branch priced $1.75 million of 13.35% autocallable reverse convertible securities due July 22, 2024 linked to the least performing of the stocks of Blackstone Inc., McDonald’s Corp. and Shell plc, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par if each stock closes at or above its call level on any quarterly observation date other than the final. Call level starts at 98% of initial price and steps down by 2% with each subsequent observation date.
If the notes are not called, the payout at maturity will be par unless any of the stocks 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: | Blackstone Inc., McDonald’s Corp., Shell plc
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| Amount: | $1,745,000
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| Maturity: | July 22, 2024
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| Coupon: | 13.35% 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 level, 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 if each stock closes at or above call level on any quarterly observation date other than the final; call level starts at 98% of initial price and steps down by 2% with each subsequent observation
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| Initial prices: | $85.06 for Blackstone, $266.69 for McDonald's, $59.62 for Shell
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| Knock-in levels: | $42.53 for Blackstone, $133.345 for McDonald's, $29.81 for Shell; 50% of initial levels
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| Strike date: | Jan. 12
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| Pricing date: | Jan. 13
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| Settlement date: | Jan. 20
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.65%
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| Cusip: | 22550MH28
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