Published on 2/7/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $5.23 million autocallable reverse convertibles on GM, Disney
Chicago, Feb. 7 – Credit Suisse AG, London Branch priced $5.23 million of contingent coupon autocallable reverse convertible securities due April 18, 2024 linked to the lowest performing of the stocks of General Motors Co. and Walt Disney Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 8% if each stock closes at or above its coupon barrier price, 60% of its initial price, on the related observation date.
The notes will be called at par plus the coupon if all stocks close at or above their initial prices on any quarterly call observation date.
If all stocks finish at or above their knock-in prices, 60% of their initial prices, the payout will be par plus any final coupon due. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price, or the value of the shares in cash at the issuer’s option.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable reverse convertible securities
|
| Underlying stocks: | General Motors Co. and Walt Disney Co.
|
| Amount: | $5,227,000
|
| Maturity: | April 18, 2024
|
| Coupon: | 8% per year, payable quarterly if each stock closes at or above its coupon barrier price on the related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus any final coupon due if no stock finishes below its knock-in price; otherwise, investors will receive number of shares of worst performer equal to that stock’s equity ratio, or cash at the issuer’s option
|
| Call: | At par plus coupon if all stocks close at or above their initial prices on any quarterly call observation date
|
| Initial share prices: | $58.48 for GM, $187.46 for Disney
|
| Coupon barrier prices: | $35.088 for GM, $112.476 for Disney; 60% of initial prices
|
| Knock-in levels: | $35.088 for GM, $112.476 for Disney; 60% of initial prices
|
| Pricing date: | April 14
|
| Settlement date: | April 19
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 3%
|
| Cusip: | 22550MSV2
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