Published on 8/30/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $901,000 14.5%autocallable reverse convertibles on two stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 30 – Credit Suisse AG, London Branch, priced $901,000 of 14.5% autocallable reverse convertible securities due Aug. 30, 2018 linked to Advanced Micro Devices, Inc. and Micron Technology, Inc. common shares, 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 both stocks close at or above the initial share prices on a monthly observation date beginning Nov. 27, 2017.
The payout at maturity will be par unless the lesser performing stock finishes below the knock-in price, 60% of the initial share price, in which case investors will receive a number of shares of the lesser performing stock 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: | Autocallable reverse convertible securities
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| Underlying stocks: | Advanced Micro Devices, Inc. and Micron Technology, Inc.
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| Amount: | $901,000
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| Maturity: | Aug. 30, 2018
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| Contingent coupon: | 14.5 %, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless either stock finishes below knock-in price, in which case a number of shares of lesser performing stock equal to $1,000 divided by the initial share price
|
| Call: | At par plus the coupon if shares of both stocks close at or above initial share price on a monthly observation date beginning Nov. 27, 2017
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| Initial level: | $12.43 for Advanced Micro, $30.29 for Micron Technology
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| Knock-in price: | $7.458 for Advanced Micro, $18.174 for Micron Technology, 60% of initial price
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| Pricing date: | Aug. 25
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| Settlement date: | Aug. 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JKD1
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