Published on 5/16/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $500,000 13% autocallable reverse convertibles on three stocks
By William Gullotti
Buffalo, N.Y., May 16 – Credit Suisse AG, London Branch priced $500,000 of 13% autocallable reverse convertible securities due Oct. 11, 2022 linked to the least performing of the stocks of Apple Inc., Walt Disney Co. and Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par if the least-performing stock closes at or above its initial price on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless any of the stocks finishes below its 75% 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: | Apple Inc., Walt Disney Co., Facebook, Inc.
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| Amount: | $500,000
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| Maturity: | Oct. 11, 2022
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| Coupon: | 13% per year, payable quarterly
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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 if shares close at or above initial share price on any quarterly observation date
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| Initial prices: | $142.65 for Apple, $176.01 for Disney, $343.01 for Facebook
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| Knock-in levels: | $106.9875 for Apple, $132.0075 for Disney, $257.2575 for Facebook; 75% of initial levels
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| Strike date: | Oct. 1, 2021
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| Pricing date: | Oct. 4, 2021
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| Settlement date: | Oct. 8, 2021
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.25%
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| Cusip: | 22550MDA4
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