Published on 6/2/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.02 million 30% autocallable reverse convertibles on two stocks
By William Gullotti
Buffalo, N.Y., June 2 – Credit Suisse AG, London Branch priced $1.02 million of autocallable reverse convertible securities due Nov. 30, 2022 linked to the least performing of the stocks of Netflix, Inc. and Shopify Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at a 30% annual rate, or 15% for the term.
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 three months.
If the notes are not called, the payout at maturity will be par unless any of the stocks finishes below its 59% 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: | Netflix, Inc., Shopify Inc.
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| Amount: | $1,021,000
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| Maturity: | Nov. 30, 2022
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| Coupon: | 30% per year, or 15% for the term, 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 three months
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| Initial prices: | $187.83 for Netflix, $333.11 for Shopify
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| Knock-in levels: | $110.8197 for Netflix, $196.5349 for Shopify; 59% of initial levels
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| Strike date: | May 25
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| Pricing date: | May 26
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| Settlement date: | May 31
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.5%
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| Cusip: | 22550MD89
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