Published on 8/29/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.35 million 12% autocallable reverse convertibles on four stocks
By William Gullotti
Buffalo, N.Y., Aug. 29 – Credit Suisse AG, London Branch priced $2.35 million of 12% autocallable reverse convertible securities due Aug. 29, 2024 linked to the least performing of the stocks of Amazon.com, Inc., Boeing Co., Walt Disney Co. and Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if the least-performing stock closes at or above its initial price on any monthly observation date after six months.
If the notes are not called, the payout at maturity will be par unless any of the stocks finishes below its 50% 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: | Autocallable reverse convertible securities
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| Underlying stocks: | Amazon.com, Inc., Boeing Co., Walt Disney Co., Alphabet Inc.
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| Amount: | $2.35 million
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| Maturity: | Aug. 29, 2024
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| Coupon: | 12% per year, 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 if shares close at or above initial share price on any monthly observation date after six months
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| Initial prices: | $133.80 for Amazon, $163.60 for Boeing, $116.41 for Disney, $113.69 for Alphabet
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| Knock-in levels: | $66.90 for Amazon, $81.80 for Boeing, $58.205 for Disney, $56.845 for Alphabet; 50% of initial levels
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| Pricing date: | Aug. 24
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| Settlement date: | Aug. 29
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.77%
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| Cusip: | 22550MF46
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