Published on 1/30/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.1 million contingent coupon autocallable reverse converts on three stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 30 – Credit Suisse AG, London Branch priced $1.1 million of 15% contingent coupon autocallable reverse convertible securities due Jan. 31, 2022 linked to the least performing of the stocks of Apple Inc., salesforce.com, inc. and CVS Health Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly if each stock closes above its coupon barrier, 70% 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 its initial price on any quarterly observation date after six months.
The payout at maturity will be par unless any of the stocks finishes below its 70% 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: | Apple Inc., salesforce.com, inc. and CVS Health Corp.
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| Amount: | $1.1 million
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| Maturity: | Jan. 31, 2022
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| Coupon: | 15% per year, payable quarterly 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 plus the coupon if shares close at or above initial share price on any quarterly observation date after six months
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| Initial prices: | $318.31 for Apple, $182.11 for salesforce.com, $71.43 for CVS
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| Coupon barrier/knock-in levels: | $222.817 for Apple, $127.477 for salesforce.com, $50.001 for CVS; 70% of initial levels
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| Pricing date: | Jan. 24
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| Settlement date: | Jan. 31
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.5%
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| Cusip: | 22549J5R7
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