Published on 5/25/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $500,000 contingent coupon autocallable reverse converts on Darden
Chicago, May 25 – Credit Suisse AG, London Branch priced $500,000 of contingent coupon autocallable reverse convertible securities due Aug. 2, 2022 linked to the common stock of Darden Restaurants, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly at an annual rate of 8.5% if the stock closes at or above its 75% coupon barrier level on a related observation date.
The notes will be called at par if the shares close at or above the initial share price on any quarterly observation date.
The payout at maturity will be par unless the shares finish below the knock-in level, 75% of the initial level, in which case investors will receive a number of 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.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stock: | Darden Restaurants, Inc.
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| Amount: | $500,000
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| Maturity: | Aug. 2, 2022
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| Coupon: | 8.5% payable quarterly if the stock closes at or above its coupon barrier level on a related observation date
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below knock-in price, in which case a number of 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
|
| Call: | At par if shares close at or above initial share price on any quarterly observation date
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| Initial level: | $144.95
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| Coupon barrier: | $108.7125, 75% of initial level
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| Knock-in price: | $108.7125, 75% of initial level
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| Pricing date: | Oct. 28, 2021
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| Settlement date: | Nov. 2, 2021
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.5%
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| Cusip: | 22550MDV8
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