Published on 6/17/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $200,000 contingent coupon autocallable reverse converts on stocks
By Sarah Lizee
Olympia, Wash., June 17 – Credit Suisse AG, London Branch priced $200,000 of 15.2% contingent coupon autocallable reverse convertible securities due Dec. 20, 2021 linked to the least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Facebook Inc., Amazon.com, Inc., Alphabet Inc. and Netflix, Inc.
Interest is payable quarterly if each stock closes above its coupon barrier, 60% of its initial level, on the related observation date.
The notes will be called at par if the shares of the least performing stock close at or above its initial price on any quarterly trigger 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
|
| Issue: | Contingent coupon autocallable reverse convertible securities
|
| Underlying stocks: | Facebook Inc., Amazon.com, Inc., Alphabet Inc. and Netflix, Inc.
|
| Amount: | $200,000
|
| Maturity: | Dec. 20, 2021
|
| Coupon: | 15.2% per year, payable quarterly if each stock closes above coupon barrier on observation date
|
| Price: | Par
|
| 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
|
| Call: | At par plus the coupon if shares close at or above initial share price on any quarterly trigger observation date
|
| Initial prices: | $177.47 for Facebook, $1,870.30 for Amazon, $1,091.01 for Alphabet, $343.43 for Netflix
|
| Coupon barrier/knock-in levels: | $106.482 for Facebook, $1,122.18 for Amazon, $654.606 for Alphabet, $206.058 for Netflix; 60% of initial levels
|
| Pricing date: | June 13
|
| Settlement date: | June 18
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 4%
|
| Cusip: | 22549JM98
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