Published on 9/16/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.14 million contingent coupon reverse convertibles on stocks
Chicago, Sept. 16 – Credit Suisse AG, London Branch priced $1.14 million of contingent coupon autocallable reverse convertible securities due Jan. 31, 2025 linked to the lowest performing of the stocks of Discovery, Inc. and ViacomCBS Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 21.6% if each stock closes at or above its coupon barrier price, 70% of its initial price, on the related observation date.
The notes will be called at par plus the coupon if all stocks close at or above their initial prices on any quarterly call observation date.
If both stocks finish at or above their knock-in prices, 70% of their initial prices, the payout will be par plus the final coupon due. Otherwise, investors will be fully exposed to the losses of the worst performer, payable in shares or cash at the issuer’s option.
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: | Discovery, Inc. and ViacomCBS Inc.
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| Amount: | $1,137,000
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| Maturity: | Jan. 31, 2025
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| Coupon: | 21.6% per year, payable quarterly if each stock closes at or above its coupon barrier price on the related observation date
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| Price: | Par
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| Payout at maturity: | Par plus any final coupon due if no stock finishes below its knock-in price; otherwise, investors will be fully exposed to losses of wort performer, payable in shares or cash at issuer’s option
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| Call: | At par plus coupon if all stocks close at or above their initial prices on any quarterly call observation date
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| Initial share prices: | $26.88 for Discovery, $32.55 for Viacom
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| Coupon barrier prices: | $18.816 for Discovery, $22.785 for Viacom; 70% of initial prices
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| Knock-in levels: | $18.816 for Discovery, $22.785 for Viacom; 70% of initial prices
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| Pricing date: | Jan. 25
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| Settlement date: | Jan. 31
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.5%
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| Cusip: | 22550MB65
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