Published on 3/15/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.86 million autocallable reverse convertibles on Delta
By Tali Rackner
Minneapolis, March 15 – Credit Suisse AG, London Branch, priced $1.86 million of 9.25% autocallable reverse convertible securities due June 7, 2019 linked to the common stock of Delta Air Lines, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par plus the coupon if the shares close at or above the initial share price on Sept. 4, 2018, Dec. 4, 2018 or March 4, 2019.
The payout at maturity will be par unless Delta shares ever close at or below the knock-in price, 70% 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 Delta 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
|
| Issue: | Autocallable reverse convertible securities
|
| Underlying stock: | Delta Air Lines, Inc. (Symbol: DAL)
|
| Amount: | $1,858,000
|
| Maturity: | June 7, 2019
|
| Contingent coupon: | 9.25%, payable monthly
|
| Price: | Par
|
| 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 Delta shares equal to $1,000 divided by the initial share price
|
| Call: | At par plus the coupon if stock closes at or above initial share price on Sept. 4, 2018, Dec. 4, 2018 or March 4, 2019
|
| Initial price: | $53.26
|
| Knock-in price: | $37.282, 70% of initial price
|
| Pricing date: | March 2
|
| Settlement date: | March 7
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.25%
|
| Cusip: | 22549JQU7
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
