Published on 8/16/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.19 million autocallable reverse convertibles on four stocks
By William Gullotti
Buffalo, N.Y., Aug. 16 – Credit Suisse AG, London Branch priced $2.19 million of 21.25% autocallable reverse convertible securities due June 21, 2022 linked to the least performing of the stocks of CrowdStrike Holdings, Inc., Square, Inc., Teladoc Health, Inc. and Trade Desk, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par if the least-performing stock closes at or above its initial price on any quarterly observation date after six months.
If the notes have not been called, the payout at maturity will be par unless any stock closes below its 60% knock-in value during the life of the notes and any stock finishes below its initial 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: | CrowdStrike Holdings, Inc., Square, Inc., Teladoc Health, Inc., Trade Desk, Inc.
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| Amount: | $2,193,000
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| Maturity: | June 21, 2022
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| Coupon: | 21.25% per year, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par unless any stock closes below its 60% knock-in value during the life of the notes and any stock finishes below its initial level, 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 quarterly observation date after six months
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| Initial prices: | $228.34 for CrowdStrike, $227.75 for Square, $152.43 for Teladoc, $585.76 for Trade Desk
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| Knock-in levels: | $137.004 for CrowdStrike, $136.65 for Square, $91.458 for Teladoc, $351.456 for Trade Desk; 60% of initial levels
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| Strike date: | June 15
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| Pricing date: | June 16
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| Settlement date: | June 21
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.25%
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| Cusip: | 22550MTX7
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