Published on 5/18/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.2 million 8% autocallable reverse convertibles on four stocks
By Kiku Steinfeld
Chicago, May 18 – Credit Suisse AG, London Branch priced $3.2 million of 8% autocallable reverse convertible securities due May 12, 2022 linked to the lowest performing of the common stocks of Amazon.com, Inc., Costco Wholesale Corp., Home Depot, Inc. and Target Corp., 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 in November.
The payout at maturity will be par unless any stock finishes below its knock-in price, 50% 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: | Amazon.com, Inc., Costco Wholesale Corp., Home Depot, Inc. and Target Corp.
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| Amount: | $3,200,000
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| Maturity: | May 12, 2022
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| Coupon: | 8%, 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 in November
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| Initial share prices: | $2,367.61 for Amazon, $305.00 for Costco, $229.45 for Home Depot, $113.36 for Target
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| Knock-in prices: | $1,183.805 for Amazon, $152.50 for Costco, $114.725 for Home Depot, $56.68 for Target; 50% of initial share prices
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| Pricing date: | May 7
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| Settlement date: | May 12
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 22550MET2
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