Published on 4/19/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.41 million contingent coupon reverse convertibles on Alibaba
By Marisa Wong
Los Angeles, April 19 – Credit Suisse AG, London Branch priced $1.41 million of contingent coupon autocallable reverse convertible securities due June 3, 2022 linked to the American Depositary Shares of Alibaba Group Holding Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annualized rate of 12.75% if the shares close at or above the coupon barrier, 66% of the initial price, on the related monthly observation date.
The notes will be called at par if the shares close at or above the initial price on any monthly trigger observation date after six months.
If the notes are not called, the payout at maturity will be par unless the shares finish below their knock-in price, 66% of the initial price, in which case investors will receive a number of Alibaba shares 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.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable reverse convertible notes with contingent coupons
|
| Underlying ADSs: | Alibaba Group Holding Ltd. (Symbol: BABA)
|
| Amount: | $1,411,000
|
| Maturity: | June 3, 2022
|
| Coupon: | 12.75% per year, payable each month that shares close at or above coupon barrier on observation day for that month
|
| Price: | 100
|
| Payout at maturity: | Par unless shares finish below knock-in price, in which case a number of Alibaba shares equal to $1,000 divided by the initial share price or, at issuer’s option, cash value of those shares
|
| Call: | At par if shares close at or above initial share price on any monthly trigger observation date after six months
|
| Initial price: | $237.76
|
| Coupon barrier: | $156.9216, 66% of initial price
|
| Knock-in price: | $156.9216, 66% of initial price
|
| Pricing date: | Feb. 26
|
| Settlement date: | March 3
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.75%
|
| Cusip: | 22550MRC5
|
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