Published on 2/24/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $5 million contingent coupon autocallable reverse converts on stocks
By Kiku Steinfeld
Chicago, Feb. 24 – Credit Suisse AG, London Branch priced $5 million of contingent coupon autocallable reverse convertible securities due Feb. 20, 2024 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are salesforce.com, inc., Alphabet Inc. and Microsoft Corp.
Interest is payable monthly at an 8.25% annual rate if each stock closes above its coupon barrier, 65% of its initial level, on the related observation date.
The notes will be called at par if the shares of the least performing stock close at or above their initial price on any month trigger observation date after six months.
The payout at maturity will be par unless any of the stocks finishes below its 65% 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: | Contingent coupon autocallable reverse convertible securities
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Underlying stocks: | salesforce.com, inc., Alphabet Inc. and Microsoft Corp.
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Amount: | $5 million
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Maturity: | Feb. 20, 2024
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Coupon: | 8.25% per year, payable monthly if each stock closes above coupon barrier on observation date
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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 quarterly trigger observation date after six months
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Initial prices: | $248.59 for salesforce, $2,110.70 for Alphabet, $243.70 for Microsoft
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Coupon barriers: | $161.5835 for salesforce, $1,371.955 for Alphabet, $158.405 for Microsoft; 65% of initial levels
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Knock-in levels: | $161.5835 for salesforce, $1,371.955 for Alphabet, $158.405 for Microsoft; 65% of initial levels
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Pricing date: | Feb. 16
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Settlement date: | Feb. 19
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Agents: | Credit Suisse Securities (USA) LLC
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Fees: | 3.643%
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Cusip: | 22550MPU7
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