Published on 3/26/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $625,000 autocallable reverse convertibles on four stocks
By Wendy Van Sickle
Columbus, Ohio, March 26 – Credit Suisse AG, London Branch priced $625,000 of 11% autocallable reverse convertible securities due March 26, 2019 linked to least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are ServiceNow, Inc., Splunk Inc., VMware, Inc. and Workday, Inc.
Credit Suisse will pay the coupon monthly.
The notes will be called at par if the shares of the least performing stock close at or above their initial price on a quarterly observation date.
The payout at maturity will be par unless any of the stocks finishes below its 60% knock-in level, in which case investors will receive a number of shares of the least performing stock 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 is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable reverse convertible securities
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| Underlying stocks: | ServiceNow, Inc., Splunk Inc., VMware, Inc. and Workday, Inc.
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| Amount: | $625,000
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| Maturity: | March 26, 2019
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| Coupon: | 11%, 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 shares of least performing stock equal to $1,000 divided by initial share price or amount in cash equal to value of those shares
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| Call: | At par plus the coupon if shares close at or above initial share price on any quarterly trigger observation date
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| Initial share prices: | $168.76 for ServiceNow, $105.88 for Splunk, $122.10 for VMware, $131.22 for Workday, Inc.
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| Knock-in prices: | $101.256 for ServiceNow, $63.528 for Splunk, $73.26 for VMware, $78.732 for Workday, Inc.; or 60% of initial share prices
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| Pricing date: | March 22
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| Settlement date: | March 26
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JSB7
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