Published on 3/18/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.4 million autocallable reverse convertibles on four stocks
By Kiku Steinfeld
Chicago, March 18 – Credit Suisse AG, London Branch priced $1.4 million of 8% autocallable reverse convertible securities due March 14, 2022 linked to the stocks of Boeing Co., Honeywell International Inc., United Technologies Corp. and Raytheon Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial share price on any monthly trigger observation date beginning September 9.
The payout at maturity will be par unless shares of any of the stocks finish below the knock-in price, 56% of the initial share price, 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: | Autocallable reverse convertible securities
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| Underlying stocks: | Boeing Co., Honeywell International Inc., United Technologies Corp. and Raytheon Co.
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| Amount: | $1,400,000
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| Maturity: | March 14, 2022
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| Coupon: | 8%, 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
|
| Call: | At par plus the coupon if shares close at or above initial share price on any monthly trigger observation date beginning September 9
|
| Initial share prices: | $227.17 for Boeing, $152.86 for Honeywell, $168.33 for Raytheon, $115.36 for United Technologies
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| Knock-in prices: | $127.2152 for Boeing, $85.6016 for Honeywell, $94.2648 for Raytheon, $64.6016 for United Technologies; 56% of initial share prices
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| Pricing date: | March 9
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| Settlement date: | March 12
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.09%
|
| Cusip: | 22550MBS7
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