Published on 2/24/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $979,000 autocallable reverse convertibles on Facebook
By Wendy Van Sickle
Columbus, Ohio, Feb. 24 – Credit Suisse AG, London Branch priced $979,000 of 6.6% autocallable reverse convertible securities due Feb. 27, 2018 linked to the class A common stock of Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if Facebook shares close at or above the initial share price on Aug. 23, 2017 or Nov. 21, 2017.
The payout at maturity will be par unless Facebook shares close at or below the knock-in price, 75% of the initial share price, on any day during the life of the notes and finish below the initial share price, 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, an amount in cash equal to the value of those shares.
Credit Suisse Securities (USA) LLC and Incapital LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable reverse convertible securities
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| Underlying stock: | Facebook, Inc.
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| Amount: | $979,000
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| Maturity: | Feb. 27, 2018
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| Coupon: | 6.6%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless Facebook stock finishes below initial level and closes below knock-in price any day during life of notes, in which case a number of Facebook shares equal to $1,000 divided by the initial share price
|
| Call: | At par if Facebook shares close at or above initial share price on Aug. 23, 2017 or Nov. 21, 2017
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| Initial level: | $136.12
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| Knock-in price: | $102.09, 75% of initial share price
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| Pricing date: | Feb. 22
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| Settlement date: | Feb. 27
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| Agent: | Credit Suisse Securities (USA) LLC and Incapital LLC
|
| Fees: | 2.1%
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| Cusip: | 22549JEL0
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