Published on 12/2/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $575,000 autocallable reverse convertibles on three stocks
By Kiku Steinfeld
Chicago, Dec. 2 – Credit Suisse AG, London Branch priced $575,000 of 20% autocallable reverse convertible securities due March 31, 2023 linked to the least performing of Advanced Micro Devices, Inc., Mosaic Co. and PayPal Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if the least-performing stock closes at or above its initial price on any monthly observation date after three months.
If the notes are not called, 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: | Advanced Micro Devices, Inc., Mosaic Co. and PayPal Holdings, Inc.
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| Amount: | $575,000
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| Maturity: | March 31, 2023
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| Coupon: | 20% per year, 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 if shares close at or above initial share price on any monthly observation date after three months
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| Initial prices: | $123.23 for AMD, $64.45 for Mosaic, $121.18 for PayPal
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| Knock-in levels: | $80.0995 for AMD, $41.8925 for Mosaic, $78.767 for PayPal; 65% of initial levels
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| Pricing date: | March 29
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| Settlement date: | March 31
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22550MZV4
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