Published on 6/19/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1 million reverse convertibles on Facebook, Noble
By Wendy Van Sickle
Columbus, Ohio, June 19 – Credit Suisse AG, London Branch priced $1 million of 9% reverse convertible securities due June 19, 2019 linked to the common stock of Noble Energy, Inc. and the class A common stock of Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The payout at maturity will be par unless either stock finishes below the knock-in level, in which case investors will receive a number of shares of the lesser-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
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Issue: | Reverse convertible securities
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Underlying stocks: | Facebook, Inc. and Noble Energy, Inc.
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Amount: | $1 million
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Maturity: | June 19, 2019
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Coupon: | 9%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless either stock finishes below knock-in price, in which case a number of shares of the lesser-performing stock equal to $1,000 divided by the initial share price
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Initial levels: | $150.68 for Facebook, $30.19 for Noble
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Knock-in prices: | $120.544 for Facebook, $24.152 for Noble, 80% of initial share price
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Pricing date: | June 14
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Settlement date: | June 19
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 4%
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Cusip: | 22549JHN3
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