Published on 7/20/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.06 million 12.25% autocallable reverse convertibles on three stocks
By Wendy Van Sickle
Columbus, Ohio, July 20 – Credit Suisse AG, London Branch priced $1.06 million of 12.25% autocallable reverse convertible securities due July 20, 2018 linked to a basket of three semiconductor stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The names in the basket are Advanced Micro Devices, Inc., Intel Corp. and Micron Technology, Inc.
Credit Suisse will pay the coupon monthly.
The notes will be called at par if all three shares close at or above their initial price on a monthly observation date.
The payout at maturity will be par unless any of the stocks finishes below its 50% 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., Intel Corp. and Micron Technology, Inc.
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| Amount: | $1,061,000
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| Maturity: | July 20, 2018
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| Coupon: | 12.25%, 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
|
| Call: | At par plus the coupon if shares close at or above initial share price on any monthly trigger observation date beginning Oct. 9, 2017
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| Initial share prices: | $13.80 for Advance Micro, $34.47 for Intel, $31.72 for Micron
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| Knock-in prices: | $6.90 for Advance Micro, $17.235 for Intel, $15.86 for Micron; or 50% of initial share prices
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| Pricing date: | July 17
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| Settlement date: | July 20
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JJH4
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