Published on 2/21/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.56 million autocallable reverse convertibles on four stocks
By Wendy Van Sickle
Columbus, Ohio, Feb. 21 – Credit Suisse AG, London Branch priced $1.56 million of 14.5% autocallable reverse convertible securities due Feb. 19, 2019 linked to least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Facebook, Inc., Nvidia Corp., Amazon.com, Inc. and Netflix, Inc.
Credit Suisse will pay the coupon monthly.
The notes will be called at par if the shares of the least performing stock close at or above their initial price on a monthly observation date beginning May 14, 2018.
The payout at maturity will be par unless any of the stocks finishes below its 65% knock-in level, in which case investors will receive a number of shares of the least 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: | Autocallable reverse convertible securities
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Underlying stocks: | Facebook, Inc., Nvidia Corp., Amazon.com, Inc. and Netflix, Inc.
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Amount: | $1,555,000
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Maturity: | Feb. 19, 2019
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Coupon: | 14.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below knock-in price, in which case shares of least performing stock equal to $1,000 divided by initial share price or amount in cash equal to value of those shares
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Call: | At par plus the coupon if shares close at or above initial share price on any monthly trigger observation date beginning May 14, 2018
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Initial share prices: | $179.52 for Facebook, $241.42 for Nvidia, $1,451.05 for Amazon.com, $266.00 for Netflix
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Knock-in prices: | $116.688 for Facebook, $156.923 for Nvidia, $943.1825 for Amazon.com, $172.90 for Netflix; or 65% of initial share prices
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Pricing date: | Feb. 14
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Settlement date: | Feb. 16
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.875%
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Cusip: | 22549JQB9
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