Published on 12/14/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $586,000 contingent coupon autocallable reverse convertibles on Amazon
By Wendy Van Sickle
Columbus, Ohio, Dec. 14 – Credit Suisse AG, London Branch, priced $586,000 of contingent coupon autocallable reverse convertible securities due March 14, 2019 linked to Amazon.com, Inc. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 6.6% per year if the shares close at or above the coupon barrier level, 75% of the initial share price, on the observation date for that month.
The notes will be automatically called at par plus the coupon if the shares close at or above the initial share price on June 11, 2018, Sept. 11, 2018 or Dec. 11, 2018.
The payout at maturity will be par unless the shares ever 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, the cash equivalent.
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: | Amazon.com, Inc.
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| Amount: | $586,000
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| Maturity: | March 14, 2019
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| Contingent coupon: | 6.6%, payable monthly if stock closes at or above coupon barrier level on observation date for that month
|
| Price: | Par
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| Payout at maturity: | Par unless stock falls and ever closes at or below knock-in price during life of notes, in which case a number of Amazon shares equal to $1,000 divided by the initial share price
|
| Call: | At par plus the coupon if shares close at or above initial share price on June 11, 2018, Sept. 11, 2018 or Dec. 11, 2018
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| Initial level: | $1,168.92
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| Coupon barrier: | $876.69, 75% of initial price
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| Knock-in price: | $876.69, 75% of initial share price
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| Pricing date: | Dec. 11
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| Settlement date: | Dec. 14
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.25%
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| Cusip: | 22549JMV9
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