Published on 10/29/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $915,000 autocallable reverse convertibles on four stocks
By Sarah Lizee
Olympia, Wash., Oct. 29 – Credit Suisse AG, London Branch priced $915,000 of 15% contingent coupon autocallable reverse convertible securities due Oct. 30, 2020 linked to the lowest 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.
Interest is payable quarterly at an annual rate of 15% if each stock closes at or above its 60% knock-in level on the observation date for that period.
Beginning Jan. 28, 2019 and ending on Jan. 13, 2021, the notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly trigger observation date.
The payout at maturity will be par unless any stock finishes below its knock-in price, 60% of its initial share price, in which case investors will receive a number of shares of the worst-performing stock equal to $1,000 divided by that stock’s 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
|
| Issue: | Contingent coupon autocallable reverse convertible securities
|
| Underlying stocks: | Amazon.com, Inc. (Symbol: AMZN), Facebook, Inc. (Symbol: FB), Alphabet Inc. (Symbol: GOOGL) and Netflix, Inc. (Symbol: NFLX)
|
| Amount: | $915,000
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| Maturity: | Oct. 30, 2020
|
| Contingent coupon: | 15%, payable quarterly if each stock closes at or above its 60% knock-in level on quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock closes at or below barrier, in which case a number of shares of worst performing stock equal to $1,000 divided by the initial share price
|
| Call: | At par plus the coupon if each stock closes at or above initial share price on any quarterly observation date, beginning Jan. 28, 2019 and ending July 28, 2020
|
| Initial levels: | $1,642.81 for Amazon, $145.37 for Facebook, $1,083.75 for Alphabet, $299.83 for Netflix
|
| Barrier levels: | $985.686 for Amazon, $87.222 for Facebook, $650.25 for Alphabet, $179.898 for Netflix; 60% of initial prices
|
| Pricing date: | Oct. 26
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| Settlement date: | Oct. 30
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 4%
|
| Cusip: | 22549JYR5
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