Published on 10/15/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1 million of 9% reverse convertibles on Chegg
By Sarah Lizee
Olympia, Wash., Oct. 15 – Credit Suisse AG, London Branch priced $1 million of 9% reverse convertible securities due Jan. 15, 2019 linked to Chegg, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout will be par unless the shares ever close below the 56.086% 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
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Issue: | Reverse convertible securities
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Underlying stock: | Chegg, Inc.
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Amount: | $1 million
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Maturity: | Jan. 15, 2019
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless shares ever close below 56.086% knock-in level, in which case number of shares equal to $1,000 divided by initial share price
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Initial level: | $27.44
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Knock-in price: | $15.39, 56.086% of initial share price
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Pricing date: | Oct. 10
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Settlement date: | Oct. 15
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 1%
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Cusip: | 22549JYM6
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