Published on 1/8/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.5 million contingent coupon autocallable reverse convertibles
By Kiku Steinfeld
Chicago, Jan. 10 – Credit Suisse AG, London Branch priced $2.5 million of contingent coupon autocallable reverse convertible securities due Nov. 17, 2023 linked to the lowest performing of the stocks of Apple Inc. and Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 10.25% if each stock closes at or above its coupon barrier price, 80% of its initial price, on the related observation date.
The notes will be called at par if all stocks close at or above their initial prices on any quarterly call observation date after six months.
If all stocks finish at or above their knock-in prices, 80% of their initial prices, the payout will be par. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stocks: | Apple Inc., Amazon.com, Inc.
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| Amount: | $2.5 million
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| Maturity: | Nov. 17, 2023
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| Coupon: | 10.25% per year, payable monthly if each stock closes at or above its coupon barrier price on the related observation date
|
| Price: | Par
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| Payout at maturity: | Par if no stock finishes below its knock-in price; otherwise, investors will receive number of shares of worst performer equal to that stock’s equity ratio
|
| Call: | At par if all stocks close at or above their initial prices on any quarterly call observation date after six months
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| Initial share prices: | $149.99 for Apple, $3,525.15 for Amazon
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| Coupon barrier prices: | $119.992 for Apple, $2,820.12 for Amazon; 80% of initial prices
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| Knock-in levels: | $119.992 for Apple, $2,820.12 for Amazon; 80% of initial prices
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| Pricing date: | Nov. 12
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| Settlement date: | Nov. 17
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 22553P2Z1
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