Published on 1/25/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1 million 8.75% autocall reverse convertibles tied to Facebook
By Susanna Moon
Chicago, Jan. 25 – Credit Suisse AG, London Branch priced $1.01 million of 8.75% autocallable reverse convertible securities due Jan. 25, 2018 linked to Facebook Inc. class A common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if the shares close at or above the initial share price on July 20, 2017 or Oct. 20, 2017.
The payout at maturity will be par unless the shares finish below its initial level and ever close at or below the knock-in level, 70% of the initial share price, during the life of the notes, in which case investors will receive a number of Facebook shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
Credit Suisse Securities (USA) LLC is the agent with Incapital LLC as placement agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable reverse convertible securities
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| Underlying stock: | Facebook Inc. (Symbol: FB)
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| Amount: | $1,005,000
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| Maturity: | Jan. 25, 2018
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| Coupon: | 8.75%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless stock falls and ever dips to or below 70% knock-in level, in which case a number of Facebook shares equal to $1,000 divided by the initial share price
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| Call: | At par if Facebook shares close at or above initial share price on July 20, 2017 or Oct. 20, 2017
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| Initial level: | $127.04
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| Knock-in price: | $88.928, 70% of initial share price
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| Pricing date: | Jan. 20
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| Settlement date: | Jan. 25
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| Agent: | Credit Suisse Securities (USA) LLC with Incapital LLC as placement agent
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| Fees: | 0.6%
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| Cusip: | 22549JDV9
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