Published on 5/13/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $500,000 23% autocallable reverse converts on stocks
By Wendy Van Sickle
Columbus, Ohio, May 13 – Credit Suisse AG, London Branch priced $500,000 of 23% autocallable reverse convertible securities due May 13, 2020 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are McDermott International, Inc., RH and Trade Desk, Inc.
Interest is payable monthly.
The notes will be called at par if the shares of the least performing stock close at or above its initial price on any monthly trigger observation date starting in August.
The payout at maturity will be par unless any of the stocks finishes below its 50% knock-in level, in which case investors will receive a number of shares of the least performing stock 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
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| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stocks: | McDermott International, Inc., RH and Trade Desk, Inc.
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| Amount: | $500,000
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| Maturity: | May 13, 2020
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| Coupon: | 23% per year, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in price, in which case shares of least performing stock equal to $1,000 divided by initial share price or amount in cash equal to value of those shares
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| Call: | At par plus the coupon if shares close at or above initial share price on any monthly trigger observation date starting in August
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| Initial prices: | $7.38 for McDermott, $101.91 for RH, $189.92 for Trade Desk
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| Coupon barrier/knock-in levels: | $3.69 for McDermott, $50.955 for RH, $94.96 for Trade Desk; 50% of initial levels
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| Pricing date: | May 9
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| Settlement date: | May 13
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JR28
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