Published on 9/29/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.15 million autocallable reverse converts on stocks
By Wendy Van Sickle
Columbus, Ohio, Sept. 29 – Credit Suisse AG, London Branch priced $3.15 million of 8.6% autocallable reverse convertible securities due Sept. 26, 2022 linked to the least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Costco Wholesale Corp., Target Corp., Amazon.com, Inc. and Walmart Inc.
Interest is payable monthly.
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 March 19, 2021.
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: | Costco Wholesale Corp., Target Corp., Amazon.com, Inc. and Walmart Inc.
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| Amount: | $3.15 million
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| Maturity: | Sept. 26, 2022
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| Coupon: | 8.6% 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 plus the coupon if shares close at or above initial share price on any monthly trigger observation date starting on March 19, 2021
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| Initial prices: | $339.57 for Costco, $149.86 for Target, $2,960.47 for Amazon, $137.07 for Walmart
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| Knock-in levels: | $203.742 for Costco, $89.916 for Target, $1,776.282 for Amazon, $82.242 for Walmart; 60% of initial levels
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| Pricing date: | Sept. 21
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| Settlement date: | Sept. 24
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.131%
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| Cusip: | 22550MJY6
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