Published on 1/12/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $675,000 22.15% autocallable reverse convertibles on stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 12 – Credit Suisse AG, London Branch priced $675,000 of 22.15% autocallable reverse convertible securities due Dec. 30, 2021 linked to the lowest performing of the common stocks of Kohl's Corp., Overstock.com, Inc., RH and Wayfair Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus the coupon due if all stocks close at or above their initial prices on any monthly observation date after three months.
If all stocks finish at or above their knock-in prices, 50% of their initial prices, the payout will be par plus the final coupon. If any stock finishes below its knock-in price, investors will be fully exposed to the losses of the least-performing stock from its initial level, with the proceeds delivered in shares of the least-performing stock.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable reverse convertible securities
|
| Underlying stocks: | Kohl's Corp., Overstock.com, Inc., RH and Wayfair Inc.
|
| Amount: | $675,000
|
| Maturity: | Dec. 30, 2021
|
| Coupon: | 22.15% per year, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon if no stock finishes below its knock-in price; if any stock finishes below its knock-in price, par plus the decline of the least-performing stock from its initial level, with proceeds delivered in shares of the least-performing stock
|
| Call: | At par plus the coupon due if all stocks close at or above their initial prices on any monthly observation date after three months
|
| Initial share prices: | $40.13 for Kohl's, $51.33 for Overstock.com, $455.07 for RH and $238.22 for Wayfair
|
| Knock-in prices: | $20.065 for Kohl's, $25.665 for Overstock.com, $227.535 for RH and $119.11 for Wayfair; 50% of initial prices
|
| Pricing date: | Dec. 28
|
| Settlement date: | Dec. 30
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.875%
|
| Cusip: | 22550MNF2
|
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