Published on 2/28/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.23 million autocallable reverse convertibles on four stocks
By Wendy Van Sickle
Columbus, Ohio, Feb. 28 – Credit Suisse AG, London Branch priced $1.23 million of 22.28% autocallable reverse convertible securities due Feb. 26, 2021 linked to least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Zoom Video Communications, Inc., Shopify Inc., MongoDB, Inc. and Datadog, Inc.
Credit Suisse will pay the coupon monthly.
The notes will be called at par if the shares of the least performing stock close at or above their initial price on a monthly observation date starting on May 22, 2020.
The payout at maturity will be par unless any of the stocks finishes below its 65% 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: | Zoom Video Communications, Inc., Shopify Inc., MongoDB, Inc. and Datadog, Inc.
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| Amount: | $1,227,000
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| Maturity: | Feb. 26, 2021
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| Coupon: | 22.28%, 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 a monthly observation date starting on May 22, 2020
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| Initial share prices: | $107.08 for Zoom, $466.46 for Shopify, $149.38 for MongoDB, $44.31 for Datadog
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| Knock-in prices: | $69.602 for Zoom, $303.199 for Shopify, $97.097 for MongoDB, $28.8015 for Datadog; or 65% of initial share prices
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| Pricing date: | Feb. 25
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| Settlement date: | Feb. 27
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22550MBD0
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