Published on 6/27/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.9 million 13.25% autocallable reverse convertibles on oil stocks
By William Gullotti
Buffalo, N.Y., June 27 – Credit Suisse AG, London Branch priced $3.9 million of 13.25% autocallable reverse convertible securities due June 27, 2024 linked to the least performing of the stocks of BP plc, ConocoPhillips, Occidental Petroleum Corp. and Phillips 66, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if the least-performing stock closes at or above its initial price on any monthly observation date after six months.
If the notes are not called, the payout at maturity will be par unless any of the stocks finishes below its 50% 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: | BP plc, ConocoPhillips, Occidental Petroleum Corp., Phillips 66
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| Amount: | $3.9 million
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| Maturity: | June 27, 2024
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| Coupon: | 13.25% 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 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 monthly observation date after six months
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| Initial prices: | $28.09 for BP, $93.06 for ConocoPhillips, $55.77 for Occidental, $90.51 for Phillips
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| Knock-in levels: | $14.045 for BP, $46.53 for ConocoPhillips, $27.885 for Occidental, $45.255 for Phillips; 50% of initial levels
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| Pricing date: | June 22
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| Settlement date: | June 27
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.14%
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| Cusip: | 22550MD97
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