Published on 6/22/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.17 million contingent coupon autocallable reverse convertibles on Facebook
By Wendy Van Sickle
Columbus, Ohio, June 22 – Credit Suisse AG, London Branch priced $1.17 million of contingent coupon autocallable reverse convertible securities due Sept. 24, 2018 linked to the common stock of Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 6.5% if the stock closes at or above its 75% knock-in level on a monthly observation date.
The notes will be called at par if the shares close at or above the initial share price on Dec. 20, 2017, March 20, 2018 or June 20, 2018.
The payout at maturity will be par unless the shares finish below the knock-in level, 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: | Contingent coupon autocallable reverse convertible securities
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| Underlying stock: | Facebook, Inc.
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| Amount: | $1.17 million
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| Maturity: | Sept. 24, 2018
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| Coupon: | 6.5%, payable monthly if stock closes at or above knock-in price on a monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless Facebook stock finishes 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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| Call: | At par if Facebook shares close at or above initial share price on Dec. 20, 2017, March 20, 2018 or June 20, 2018
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| Initial level: | $152.25
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| Knock-in price: | $114.1875, 75% of initial share price
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| Pricing date: | June 20
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| Settlement date: | June 23
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| Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
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| Fees: | 2.5%
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| Cusip: | 22549JHH6
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