Published on 2/9/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.13 million 9% autocallable reverse convertibles on four stocks
By Kiku Steinfeld
Chicago, Feb. 10 – Credit Suisse AG, London Branch priced $3.13 million of 9% autocallable reverse convertible securities due Jan. 31, 2022 linked to the lowest performing of the common stocks of United Parcel Service, Inc., FedEx Corp., J.B. Hunt Transport Services, Inc. and Knight-Swift Transportation Holdings Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if each stock closes at or above its initial share price on any monthly trigger observation date beginning after six months.
The payout at maturity will be par unless any stock finishes below its knock-in price, 56% of its initial share price, in which case investors will receive a number of shares of the worst-performing stock equal to $1,000 divided by that stock’s 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: | United Parcel Service, Inc., FedEx Corp., J.B. Hunt Transport Services, Inc. and Knight-Swift Transportation Holdings Inc.
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| Amount: | $3,125,000
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| Maturity: | Jan. 31, 2022
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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 number of shares of worst-performing stock equal to $1,000 divided by that stock’s initial share price or, at issuer’s option, amount in cash equal to value of those shares
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| Call: | Automatically at par if each stock closes at or above initial share price on any monthly trigger observation date beginning after six months
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| Initial share prices: | $148.49 for FedEx, $114.92 for UPS, $114.81 for J.B. Hunt, $36.41 for Knight-Swift
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| Knock-in prices: | $83.1544 for FedEx, $64.3552 for UPS, $64.2936 for J.B. Hunt, $20.3896 for Knight-Swift; 56% of initial share prices
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| Pricing date: | Jan. 27
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| Settlement date: | Jan. 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.79%
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| Cusip: | 22550MAB5
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