Published on 2/8/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $560,000 13.05% autocallable reverse convertibles on four stocks
By Wendy Van Sickle
Columbus, Ohio, Feb. 8 – Credit Suisse AG, London Branch priced $560,000 of 13.05% autocallable reverse convertible securities due Feb. 5, 2019 linked to the lowest performing of the common stocks of Nucor Corp., Trinity Industries Inc., U.S. Concrete, Inc. and USG Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Beginning May 3, the notes will be automatically called at par if each stock closes at or above its initial share price on any monthly trigger observation date.
The payout at maturity will be par unless any stock finishes below its knock-in price, 70% of its initial share price, in which case investors will receive a number of shares of the worst-performing stock equal to $1,000 divided by that stock’s 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: | Autocallable reverse convertible securities
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Underlying stocks: | Nucor Corp., Trinity Industries Inc., U.S. Concrete, Inc. and USG Corp.
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Amount: | $560,000
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Maturity: | Feb. 5, 2019
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Coupon: | 13.05%, 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 number of shares of worst-performing stock equal to $1,000 divided by that stock’s initial share price or, at issuer’s option, amount in cash equal to value of those shares
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Call: | Beginning May 3, automatically at par if each stock closes at or above initial share price on any monthly trigger observation date
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Initial share prices: | $66.38 for Nucor, $34.29 for Trinity, $79.55 for U.S. Concrete and $36.36 for USG
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Knock-in prices: | $46.466 for Nucor, $24.003 for Trinity, $55.685 for U.S. Concrete and $25.452 for USG; 70% of initial share prices
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Pricing date: | Feb. 1
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Settlement date: | Feb. 5
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.875%
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Cusip: | 22549JPR5
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