Published on 10/5/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $595,000 contingent coupon autocallable reverse convertibles on Nvidia
By Wendy Van Sickle
Columbus, Ohio, Oct. 5 – Credit Suisse AG, London Branch, priced $595,000 of contingent coupon autocallable reverse convertible securities due Jan. 4, 2019 linked to Nvidia Corp. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 12.5% per year if Nvidia shares close at or above the coupon barrier level, 60% of the initial share price, on the observation date for that month.
The notes will be automatically called at par plus the coupon if Nvidia shares close at or above the initial share price on March 29, 2018, June 29, 2018 and Oct. 1, 2018.
The payout at maturity will be par unless the shares ever close at or below the knock-in price, 60% of the initial share price, during the life of the notes and finish below the initial share price, in which case investors will receive a number of Nvidia 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: | Contingent coupon autocallable reverse convertible securities
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| Underlying stock: | Nvidia Corp.
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| Amount: | $595,000
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| Maturity: | Jan. 4, 2019
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| Contingent coupon: | 12.5%, payable monthly if stock closes at or above coupon barrier level on observation date for that month
|
| Price: | Par
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| Payout at maturity: | Par unless stock falls and ever closes at or below knock-in price during life of notes, in which case a number of Nvidia shares equal to $1,000 divided by the initial share price
|
| Call: | At par plus the coupon if shares close at or above initial share price on March 29, 2018, June 29, 2018 and Oct. 1, 2018
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| Initial level: | $178.77
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| Coupon barrier: | $107.262 60% of initial price
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| Knock-in price: | $107.262, 60% of initial share price
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| Pricing date: | Sept. 29
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| Settlement date: | Oct. 4
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.75%
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| Cusip: | 22549JLD0
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