Published on 5/26/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.14 million 31.85% autocallable reverse convertibles on three stocks
By Wendy Van Sickle
Columbus, Ohio, May 26 – Credit Suisse AG, London Branch priced $1.14 million of 31.85% autocallable reverse convertibles due Nov. 4, 2021 linked to the lowest performing of the common stocks of Cleveland-Cliffs Inc., Pinterest, Inc. and Peloton Interactive, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus the coupon due if all stocks close at or above their initial prices on July 30, 2021, Aug. 31, 2021 or Sept. 29, 2021.
If all stocks finish at or above their knock-in prices, 75% of their initial prices, the payout will be par plus the final coupon. If any stock finishes below its knock-in price, investors will be fully exposed to the losses of the least-performing stock from its initial level, with the proceeds delivered in shares of the least-performing stock.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable reverse convertibles
|
| Underlying stocks: | Cleveland-Cliffs Inc., Pinterest, Inc. and Peloton Interactive, Inc.
|
| Amount: | $1,139,000
|
| Maturity: | Nov. 4, 2021
|
| Coupon: | 31.85% per year, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon if no stock finishes below its knock-in price; if any stock finishes below its knock-in price, par plus the decline of the least-performing stock from its initial level, with proceeds delivered in shares of the least-performing stock
|
| Call: | At par plus the coupon due if all stocks close at or above their initial prices on July 30, 2021, Aug. 31, 2021 or Sept. 29, 2021
|
| Initial share prices: | $17.39 for Cleveland-Cliffs, $68.21 for Pinterest and $98.90 for Peloton
|
| Knock-in levels: | $13.0425 for Cleveland-Cliffs, $51.1575 for Pinterest and $74.175 for Peloton; 75% of initial prices
|
| Pricing date: | April 30
|
| Settlement date: | May 5
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.5%
|
| Cusip: | 22550MTA7
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