Credit Suisse plans contingent coupon reverse convertibles on Netflix

By Marisa Wong

Morgantown, W.Va., Dec. 4 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable reverse convertible securities due March 13, 2019 linked to the common stock of Netflix, Inc., according to an amended 424B2 filing with the Securities and Exchange Commission.

The notes were originally set to mature on March 1, 2019, according to a previous 424B2 filing.

The notes are now expected to price on Dec. 8. The notes were previously expected to price on Nov. 28.

If the stock closes at or above its 65% coupon barrier on a monthly observation date, the notes will pay a coupon that month at a rate of 11.75% per year.

The notes will be called at par if the shares close at or above the initial share price on June 8, 2018, Sept. 10, 2018 or Dec. 10, 2018.

The payout at maturity will be par unless the shares finish below the 65% knock-in level, in which case investors will receive a number of Netflix 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.

The Cusip number is 22549JMP2.

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