Published on 8/25/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.77 million 7% autocallable reverse convertibles on Amazon
By Tali Rackner
Minneapolis, Aug. 25 – Credit Suisse AG, London Branch priced $1.77 million of 7% autocallable reverse convertible securities due Nov. 26, 2018 linked to the common stock of Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if Amazon shares close at or above the initial share price on Feb. 21, 2018, May 22, 2018 or Aug. 22, 2018.
The payout at maturity will be par unless Amazon shares close at or below the knock-in price, 75% of the initial share price, during the life of the notes and finish below the initial share price, in which case investors will receive a number of Amazon 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 and Incapital LLC are the agents.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Autocallable reverse convertible securities
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Underlying stock: | Amazon.com, Inc. (Symbol: AMZN)
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Amount: | $1,768,000
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Maturity: | Nov. 26, 2018
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Coupon: | 7%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Amazon stock closes at or below knock-in price during life of notes and finishes below initial share price, in which case investors will receive a number of Amazon shares equal to $1,000 divided by the initial share price or amount in cash equal to value of those shares
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Call: | Automatically at par if Amazon shares close at or above initial share price on Feb. 21, 2018, May 22, 2018 or Aug. 22, 2018
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Initial share price: | $966.90
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Knock-in price: | $725.175, 75% of initial share price
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Pricing date: | Aug. 22
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Settlement date: | Aug. 25
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Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
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Fees: | 1.75%
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Cusip: | 22549JJY7
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