Credit Suisse plans autocallable reverse convertibles on three stocks

By Devika Patel

Knoxville, Tenn., June 22 – Credit Suisse AG, London Branch plans to price autocallable reverse convertible securities due June 28, 2019 linked to the lowest performing of the stocks of Cleveland-Cliffs Inc., Ensco plc and United States Steel Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly at a rate of 17.5% to 18%.

Beginning on Sept. 26 and ending on May 24, 2019, the notes will be automatically called at par if each stock closes at or above its initial share price on any monthly trigger observation date.

The payout at maturity will be par unless any stock finishes below its knock-in price, 65% of its initial share price, in which case investors will receive a number of shares of the worst-performing stock equal to $1,000 divided by that stock’s 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.

The notes (Cusip: 22549JUL2) will price on June 27 and settle on June 29.

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