Published on 2/3/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1 million 9% three-month step reverse convertibles on SolarEdge
By Kiku Steinfeld
Chicago, Feb. 3 – Credit Suisse AG, London Branch priced $1 million of 9% step reverse convertible securities due April 29, 2020 linked to SolarEdge Technologies, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
If the stock finishes above its initial level, the payout at maturity will be par plus 1%.
Otherwise, the payout will be par unless the shares ever close below the 65.016% knock-in level on any day during the life of the notes, in which case investors will receive a number of 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: | Step reverse convertible securities
|
Underlying stock: | SolarEdge Technologies, Inc.
|
Amount: | $1 million
|
Maturity: | April 29, 2020
|
Coupon: | 9%, payable monthly
|
Price: | Par
|
Payout at maturity: | If stock gains, par plus 1%; otherwise, par unless shares ever close below 66.911% knock-in level, in which case number of shares equal to $1,000 divided by initial share price
|
Initial level: | $108.45
|
Knock-in price: | $70.51, 65.016% of initial share price
|
Pricing date: | Jan. 23
|
Settlement date: | Jan. 28
|
Agent: | Credit Suisse Securities (USA) LLC
|
Fees: | 1.25%
|
Cusip: | 22551NKL9
|
|
|
|
© 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.