Published on 1/22/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $545,000 autocallable reverse convertibles on three stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 22 – Credit Suisse AG, London Branch priced $545,000 of 10.25% autocallable reverse convertible securities due Jan. 22, 2021 linked to the stocks of CrowdStrike Holdings, Inc., Occidental Petroleum Corp. and Seagate Technology plc, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial share price on any monthly trigger observation date beginning April 20.
The payout at maturity will be par unless shares of any of the stocks finish below the knock-in price, 50% of the initial share price, 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: | CrowdStrike Holdings, Inc., Occidental Petroleum Corp. and Seagate Technology plc
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| Amount: | $545,000
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| Maturity: | Jan. 22, 2021
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| Coupon: | 10.25%, 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 plus the coupon if shares close at or above initial share price on any monthly trigger observation date beginning April 20
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| Initial share prices: | $63.45 for CrowdStrike, $45.83 for Occidental, $61.08 for Seagate
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| Knock-in prices: | $31.725 for CrowdStrike, $22.915 for Occidental, $30.54 for Seagate; 50% of initial share prices
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| Pricing date: | Jan. 17
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| Settlement date: | Jan. 22
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549J5J5
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