Published on 6/5/2022 in the Prospect News Structured Products Daily.
New Issue: CS sells $518,000 contingent coupon autocallable reverse convertibles on three stocks
By Kiku Steinfeld
Chicago, June 6 – Credit Suisse AG, London Branch priced $518,000 of contingent coupon autocallable reverse convertibles due Nov. 22, 2024 linked to the lowest performing of the common stocks of Deere & Co., Terex Corp. and Oshkosh Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarter coupon at an annualized rate of 9.2% if each stock closes at or above its coupon barrier price, 60% of its initial price, on the related observation date. Any previously unpaid coupons will also be paid.
The notes will be called at par plus the coupon due if all stocks close at or above their initial prices on any quarterly call observation date.
If all stocks finish at or above their knock-in prices, 60% of their initial prices, the payout will be par plus the final coupon. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price, or cash at the issuer’s option.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable reverse convertibles
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| Underlying stocks: | Deere & Co., Terex Corp. and Oshkosh Corp.
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| Amount: | $518,000
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| Maturity: | Nov. 22, 2024
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| Coupon: | 9.2% per year, payable quarter plus any previously unpaid coupons if each stock closes at or above its coupon barrier price on the related observation date
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| Price: | Par
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| Payout at maturity: | Par plus the final coupon if no stock finishes below its knock-in price; otherwise, investors will receive number of shares of worst performer equal to that stock’s equity ratio, or cash at the issuer’s option
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| Call: | At par plus the coupon due if all stocks close at or above their initial prices on any quarterly call observation date
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| Initial share prices: | $361.15 for Deere, $48.27 for Terex, $115.02 for Oshkosh
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| Coupon barrier prices: | $ | 216.69 for Deere, $28.962 for Terex, $69.012 for Oshkosh 60% of initial prices
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| Knock-in levels: | $216.69 for Deere, $28.962 for Terex, $69.012 for Oshkosh 60% of initial prices
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| Pricing date: | Nov. 16, 2021
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| Settlement date: | Nov. 22, 2021
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.5%
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| Cusip: | 22550MXP9
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