Published on 7/17/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $710,000 17.12% autocallable reverse convertibles on two stocks
By Kiku Steinfeld
Chicago, July 17 – Credit Suisse AG, London Branch priced $710,000 of 17.12% autocallable reverse convertible securities due July 15, 2021 linked to the lowest performing of the common stocks of Penn National Gaming, Inc. and Shopify 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 Oct. 13, 2020.
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
|
| Issue: | Autocallable reverse convertible securities
|
| Underlying stocks: | Penn National Gaming, Inc. and Shopify Inc.
|
| Amount: | $710,000
|
| Maturity: | July 15, 2021
|
| Coupon: | 17.12%, payable monthly
|
| Price: | Par
|
| 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
|
| Call: | Automatically at par if each stock closes at or above initial share price on any monthly trigger observation date beginning Oct. 13, 2020
|
| Initial share prices: | $28.65 for Penn, $968.75 for Shopify
|
| Knock-in prices: | $14.325 for Penn, $484.375 for Shopify; 50% of initial share prices
|
| Pricing date: | July 13
|
| Settlement date: | July 15
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.85%
|
| Cusip: | 22550MGN3
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
