Published on 10/2/2023 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $250,000 reverse convertible autocallables linked to Meta, Tesla
By Angela McDaniels
Tacoma, Wash., Oct. 2 – Credit Suisse AG, London Branch priced $250,000 of 14% autocallable reverse convertible securities due Sept. 30, 2024 linked to the lower performing of the class A common stock of Meta Platforms, Inc. and the common stock of Tesla, 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 least-performing stock closes at or above its initial price on any monthly observation date after six months.
If the notes are not called, the payout at maturity will be par unless either stock finishes below its 45% knock-in level, in which case investors will receive a number of shares of the lower 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: | Meta Platforms, Inc. and Tesla, Inc.
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Amount: | $250,000
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Maturity: | Sept. 30, 2024
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Coupon: | 14% per year, payable monthly
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Price: | Par
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Payout at maturity: | Par unless either 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: | Automatically at par if shares close at or above initial share price on any monthly observation date after six months
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Initial share prices: | $140.41 for Meta and $275.33 for Tesla
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Knock-in levels: | $63.1845 for Meta and $123.8985 for Tesla, or 45% of initial share prices
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Pricing date: | Sept. 23, 2022
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Settlement date: | Sept. 28, 2022
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 3.15%
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Cusip: | 22550MG60
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