Published on 3/24/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.55 million autocallable reverse converts on four stocks
By Kiku Steinfeld
Chicago, March 24 – Credit Suisse AG, London Branch priced $1.55 million of 9% autocallable reverse convertible securities due March 15, 2023 linked to the least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Monster Beverage Corp., Starbucks Corp., Constellation Brands, Inc. and Sysco Corp.
Interest is payable monthly.
The notes will be called at par if the shares of the least performing stock close at or above their initial price on any monthly trigger observation date after six months.
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: | Monster Beverage Corp., Starbucks Corp., Constellation Brands, Inc. and Sysco Corp.
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| Amount: | $1.55 million
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| Maturity: | March 15, 2023
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| Coupon: | 9% per year, 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 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 plus the coupon if shares close at or above initial share price on any monthly trigger observation date after six months
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| Initial prices: | $89.40 for Monster, $107.78 for Starbucks, $227.06 for Constellation, $81.23 for Sysco
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| Knock-in levels: | $52.746 for Monster, $63.5902 for Starbucks, $133.9654 for Constellation, $47.9257 for Sysco; 60% of initial levels
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| Pricing date: | March 10
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| Settlement date: | March 15
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 22550MRQ4
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