Published on 6/14/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.1 million contingent coupon reverse convertibles on stocks
Chicago, June 14 – Credit Suisse AG, London Branch priced $1.1 million of contingent coupon autocallable reverse convertible securities due Dec. 2, 2022 linked to the lowest performing of the stocks of Enphase Energy, Inc. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 28.4% 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 after six months.
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 $10,000 divided by that stock’s initial share price or cash at the issuer’s option.
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: | Enphase Energy, Inc. and Tesla, Inc.
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| Amount: | $1,100,000
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| Maturity: | Dec. 2, 2022
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| Coupon: | 28.4% per year, payable monthly if each stock closes at or above its coupon barrier price on the related observation date
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| Price: | Par of $10,000
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| 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
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| Call: | At par plus coupon if all stocks close at or above their initial prices on any quarterly call observation date after six months
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| Initial share prices: | $256.71 for Enphase, $1,136.99 for Tesla
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| Coupon barrier prices: | $154.026 for Enphase, $682.194 for Tesla; 60% of initial prices
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| Knock-in levels: | $154.026 for Enphase, $682.194 for Tesla; 60% of initial prices
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| Pricing date: | Dec. 3, 2021
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| Settlement date: | Dec. 8, 2021
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1%
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| Cusip: | 22550MYJ2
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