Published on 12/4/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $125,000 contingent coupon autocallable reverse converts on Apple, Lyft
By Sarah Lizee
Olympia, Wash., Dec. 4 – Credit Suisse AG, London Branch priced $125,000 of 11.25% contingent coupon autocallable reverse convertible securities due Nov. 23, 2020 linked to the least performing of the stocks of Apple Inc. and the class A common stock of Lyft, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly if each stock closes above its coupon barrier, 60% 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 its initial price on any monthly trigger observation date after three months.
The payout at maturity will be par unless either 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
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| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stocks: | Apple Inc., Lyft, Inc.
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| Amount: | $125,000
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| Maturity: | Nov. 23, 2020
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| Coupon: | 11.25% per year, payable monthly if each stock closes above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par unless either 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 each shares close at or above initial share price on any monthly trigger observation date after three months
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| Initial prices: | $263.19 for Apple, $43.95 for Lyft
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| Coupon barrier/knock-in levels: | $157.914 for Apple, $26.37 for Lyft; 60% of initial levels
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| Pricing date: | Nov. 20
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| Settlement date: | Nov. 22
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 22549J3B4
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