Published on 4/27/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $525,000 reverse convertibles on three ETFs
By Sarah Lizee
Olympia, Wash., April 27 – Credit Suisse AG, London Branch priced $525,000 of 9.6% reverse convertible securities due April 27, 2021 linked to the SPDR Dow Jones industrial average ETF trust, Invesco QQQ Trust, series 1 and SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The payout at maturity will be par unless any ETF finishes below the knock-in level, 80% of the initial level, in which case investors will receive a number of shares of the least-performing ETF 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: | Reverse convertible securities
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Underlying ETFs: | SPDR Dow Jones industrial average ETF trust, Invesco QQQ Trust, series 1 and SPDR S&P 500 ETF trust
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Amount: | $525,000
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Maturity: | April 27, 2021
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Coupon: | 9.6%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless any ETF finishes below knock-in price, in which case a number of shares of the lesser-performing stock equal to $1,000 divided by the initial share price
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Initial levels: | $242.43 for Dow ETF, $215.29 for QQQ, $286.64 for S&P ETF
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Knock-in prices: | $193.944 for Dow ETF, $172.232 for QQQ, $229.312 for S&P ETF, 80% of initial share price
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Pricing date: | April 20
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Settlement date: | April 27
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0.25%
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Cusip: | 22550MBZ1
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