Published on 7/5/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $137,000 contingent coupon autocallable reverse convertibles on Alphabet
By Wendy Van Sickle
Columbus, Ohio, July 5 – Credit Suisse AG, London Branch priced $137,000 of contingent coupon autocallable reverse convertible securities due Oct. 5, 2018 linked to the common stock of Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 6.4% if the stock closes at or above its 70% knock-in level on a monthly observation date.
The notes will be called at par if Alphabet shares close at or above the initial share price on Jan. 2, 2018, April 2, 2018 and June 29, 2018.
The payout at maturity will be par unless the shares finish below the initial level and close below the knock-in level any day during the life of the notes, in which case investors will receive a number of Alphabet shares 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: | Contingent coupon autocallable reverse convertible securities
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| Underlying stock: | Alphabet Inc.
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| Amount: | $137,000
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| Maturity: | Oct. 5, 2018
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| Coupon: | 6.4%, payable monthly if stock closes at or above knock-in price on a monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless Alphabet stock finishes below knock-in price, in which case a number of shares equal to $1,000 divided by the initial share price
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| Call: | At par if Alphabet shares close at or above initial share price on Jan. 2, 2018, April 2, 2018 and June 29, 2018
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| Initial level: | $937.82
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| Knock-in price: | $656.474, 70% of initial share price
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| Pricing date: | June 29
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| Settlement date: | July 5
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.75%
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| Cusip: | 22549JHR4
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