Credit Suisse plans 12.5% contingent coupon autocall reverse convertibles on tech stocks

By Susanna Moon

Chicago, July 20 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable reverse convertible securities due Jan. 27, 2021 linked to the least performing of the common stocks of Amazon.com Inc., Facebook, Inc., Alphabet, Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 13% if each underlying index closes at or above its 60% coupon barrier on the observation date for that quarter.

The notes will be called at par if each stock closes at or above its initial level on any quarterly review date beginning Dec. 20, 2018.

The payout at maturity will be par unless any underlying stock closes below its 60% knock-in level, in which case investors will receive a number of shares of the worst performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.

Credit Suisse Securities (USA) LLC is the underwriter.

The notes will price on July 25.

The Cusip number is 22549JVR8.

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