Published on 9/29/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.91 million autocallable reverse convertibles on three stocks
By William Gullotti
Buffalo, N.Y., Sept. 29 – Credit Suisse AG, London Branch priced $2.91 million of 20.65% autocallable reverse convertible securities due Sept. 23, 2022 linked to the least performing of the stocks of Trade Desk, Inc., Shopify Inc. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par if the least-performing stock closes at or above its initial price on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par unless any of the stocks finish below its 60% 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: | Trade Desk, Inc., Shopify Inc. and Tesla, Inc.
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| Amount: | $2,913,000
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| Maturity: | Sept. 23, 2022
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| Coupon: | 20.65% per year, payable quarterly
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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
|
| Call: | At par if shares close at or above initial share price on any quarterly observation date after six months
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| Initial prices: | $69.71 for Trade Desk, $1,434.53 for Shopify, $730.17 for Tesla
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| Knock-in levels: | $41.826 for Trade Desk, $860.718 for Shopify, $438.102 for Tesla; 60% of initial levels
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| Strike date: | Sept. 20
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| Pricing date: | Sept. 21
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| Settlement date: | Sept. 23
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.25%
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| Cusip: | 22550MCG2
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