Published on 8/26/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.36 million contingent coupon autocallable reverse converts on stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 26 – Credit Suisse AG, London Branch priced $1.36 million of 14.5% contingent coupon autocallable reverse convertible securities due Aug. 26, 2022 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Intel Corp., AbbVie Inc. and Walmart Inc.
Interest is payable monthly if each stock closes above its coupon barrier, 70% of its initial level, on the related observation date.
The notes will be called at par if the shares of the least performing stock close at or above their initial price on any monthly trigger observation date starting on Nov. 23.
The payout at maturity will be par unless any of the stocks finishes 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
|
| Issue: | Contingent coupon autocallable reverse convertible securities
|
| Underlying stocks: | Intel Corp., AbbVie Inc. and Walmart Inc.
|
| Amount: | $1,358,000
|
| Maturity: | Aug. 26, 2022
|
| Coupon: | 14.5% per year, payable monthly if each stock closes above coupon barrier on observation date
|
| Price: | Par
|
| 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 plus the coupon if shares close at or above initial share price on any monthly trigger observation date starting on Nov. 23
|
| Initial prices: | $49.28 for Intel, $94.86 for AbbVie, $131.63 for Walmart
|
| Coupon barriers: | $34.496 for Intel, $66.402 for AbbVie, $92.141 for Walmart; 70% of initial levels
|
| Knock-in levels: | $29.568 for Intel, $56.916 for AbbVie, $78.978 for Walmart; 60% of initial levels
|
| Pricing date: | Aug. 21
|
| Settlement date: | Aug. 26
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.75%
|
| Cusip: | 22550MJC4
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
