Published on 8/7/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1 million reverse convertibles on Dillard’s
By Kiku Steinfeld
Chicago, Aug. 7 – Credit Suisse AG, London Branch priced $1 million 9% reverse convertible securities due Oct. 30, 2019 linked to the common shares of Dillard’s, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 9%.
The payout at maturity will be par unless the shares finish below the initial level and ever close below the 53.51% knock-in level during the life of the notes, 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.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Reverse convertible securities
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Underlying stock: | Dillard’s, Inc.
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Amount: | $1,000,000
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Maturity: | Oct. 30, 2019
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Coupon: | 9% annual rate, payable monthly
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Price: | Par
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Payout at maturity: | Par unless stock finishes below initial price and ever closes below knock-in price, in which case a number of shares equal to $1,000 divided by the initial share price
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Initial level: | $78.77
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Knock-in price: | $42.15%, 53.51% of initial share price
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Pricing date: | July 25
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Settlement date: | July 29
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 1.05%
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Cusip: | 22549JV56
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