Published on 6/13/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $920,000 contingent coupon autocallable reverse convertibles on Amgen
By Wendy Van Sickle
Columbus, Ohio, June 13 – Credit Suisse AG, London Branch priced $920,000 of contingent coupon autocallable reverse convertible securities due Sept. 14, 2018 linked to the common stock of Amgen Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 6.75% if the stock closes at or above its 75% knock-in level on a monthly observation date.
The notes will be called at par if Amgen shares close at or above the initial share price on Dec. 11, 2017, March 9, 2018 or June 11, 2018.
The payout at maturity will be par unless the shares finish below their initial price and close below the knock-in level any day during the life of the notes, in which case investors will receive a number of Amgen 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
|
| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stock: | Amgen Inc.
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| Amount: | $920,000
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| Maturity: | Sept. 14, 2018
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| Coupon: | 6.75%, 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 Amgen stock finishes below initial level and closes below knock-in price any day during life of notes, in which case a number of shares equal to $1,000 divided by the initial share price
|
| Call: | At par if Amgen shares close at or above initial share price on Dec. 11, 2017, March 9, 2018 or June 11, 2018
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| Initial level: | $164.06
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| Knock-in price: | $123.045, 75% of initial share price
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| Pricing date: | June 9
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| Settlement date: | June 14
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| Agents | Credit Suisse Securities (USA) LLC
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| Fees: | 2.5%
|
| Cusip: | 22549JHC7
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