Published on 7/30/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $555,000 22% autocallable reverse convertibles on two stocks
By Sarah Lizee
Olympia, Wash., July 30 – Credit Suisse AG, London Branch priced $555,000 of 22% autocallable reverse convertible securities due July 23, 2021 linked to the lowest performing of the common stocks of Livongo Health, Inc. and 1Life Healthcare, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if each stock closes at or above its initial share price on any monthly trigger observation date beginning Oct. 21, 2020.
The payout at maturity will be par unless any stock finishes below its knock-in price, 50% of its initial share price, in which case investors will receive a number of shares of the worst-performing stock equal to $1,000 divided by that stock’s 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: | Livongo Health, Inc. and 1Life Healthcare, Inc.
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Amount: | $555,000
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Maturity: | July 23, 2021
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Coupon: | 22%, 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 number of shares of worst-performing stock equal to $1,000 divided by that stock’s initial share price or, at issuer’s option, amount in cash equal to value of those shares
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Call: | Automatically at par if each stock closes at or above initial share price on any monthly trigger observation date beginning Oct. 21, 2020
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Initial share prices: | $113.18 for Livongo, $38.50 for 1Life
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Knock-in prices: | $56.59 for Livongo, $19.25 for 1Life; 50% of initial share prices
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Pricing date: | July 21
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Settlement date: | July 23
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.875%
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Cusip: | 22550MGQ6
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