Published on 8/25/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.21 million autocallable reverse convertibles on Anheuser-Busch
By Tali Rackner
Minneapolis, Aug. 25 – Credit Suisse AG, London Branch priced $1.21 million of contingent coupon autocallable reverse convertible securities due Nov. 26, 2018 linked to the American Depositary Shares of Anheuser-Busch InBev SA/NV, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 5.5% if the stock closes at or above its 75% coupon barrier level on an observation date for that month.
The notes will be called at par if the shares close at or above the initial level on Feb. 21, 2018, May 22, 2018 or Aug. 22, 2018.
The payout at maturity will be par unless the shares finish below the initial level and close below the 75% knock-in level any day during the life of the notes, in which case investors will receive a number of Anheuser-Busch shares 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 and Incapital LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stock: | Anheuser-Busch InBev SA/NV (Symbol: BUD)
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| Amount: | $1,206,000
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| Maturity: | Nov. 26, 2018
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| Coupon: | 5.5%, payable monthly if Anheuser-Busch stock closes at or above coupon barrier on any monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless Anheuser-Busch stock closes at or below knock-in price during life of notes and finishes below initial share price, in which case investors will receive a number of Anheuser-Busch shares equal to $1,000 divided by the initial share price or amount in cash equal to value of those shares
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| Call: | Automatically at par if Anheuser-Busch shares close at or above initial share price on Feb. 21, 2018, May 22, 2018 or Aug. 22, 2018
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| Initial share price: | $116.89
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| Coupon barrier/knock-in price: | $87.6675, 75% of initial share price
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| Pricing date: | Aug. 22
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| Settlement date: | Aug. 25
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| Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
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| Fees: | 2.5%
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| Cusip: | 22549JJU5
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