Published on 4/5/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $713,000 of 19.5% reverse convertible autocalls on three stocks
New York, April 5 – Credit Suisse AG, London Branch priced $713,000 of 19.5% autocallable reverse convertible securities due April 5, 2019 linked to lowest performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are the class A common stocks of Facebook, Inc. and Snap Inc. and the common stock of Twitter, Inc.
Credit Suisse will pay the coupon monthly.
Starting on July 2, 2018, the notes will be called at par if the shares of each stock close at or above their initial price on a monthly observation date.
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: | Class A common stocks of Facebook, Inc. and Snap Inc. and common stock of Twitter, Inc.
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| Amount: | $713,000
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| Maturity: | April 5, 2019
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| Coupon: | 19.5%, 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: | Starting July 2, 2018 at par plus coupon if all shares close at or above initial share price on quarterly trigger observation date
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| Initial share prices: | $156.11 for Facebook, $14.08 for Snap, $27.54 for Twitter
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| Knock-in prices: | $101.4715 for Facebook, $9.152 for Snap, $17.901 for Twitter; 65% of initial share prices
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| Pricing date: | April 3
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| Settlement date: | April 5
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JSN1
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