Published on 4/4/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.08 million contingent coupon autocallable reverse convertibles on Broadcom
By Wendy Van Sickle
Columbus, Ohio, April 4 – Credit Suisse AG, London Branch priced $2.08 million of contingent coupon autocallable reverse convertible securities due April 16, 2019 linked to the ordinary shares of Broadcom Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly at an annual rate of 10% if the stock closes at or above its 61.9% knock-in level on a related observation date.
The notes will be called at par if the shares close at or above the initial share price on July 12, 2018, Oct. 11, 2018 or Jan. 10, 2019.
The payout at maturity will be par unless the shares finish below the knock-in level, in which case investors will receive a number of 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.
J.P. Morgan is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stock: | Broadcom Ltd.
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| Amount: | $2,078,000
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| Maturity: | April 16, 2019
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| Coupon: | 10%, payable quarterly if stock closes at or above knock-in price on an observation date
|
| Price: | Par
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| Payout at maturity: | Par unless stock finishes below knock-in price, in which case a number of shares equal to $1,000 divided by the initial share price
|
| Call: | At par if shares close at or above initial share price on July 12, 2018, Oct. 11, 2018 or Jan. 10, 2019
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| Initial level: | $235.65
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| Knock-in price: | $145.87, 61.9% of initial share price
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| Pricing date: | March 29
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| Settlement date: | April 3
|
| Agent: | J.P. Morgan
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| Fees: | 1%
|
| Cusip: | 22550WMF1
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