Published on 4/25/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $850,000 20% autocallable reverse converts on stocks
By Sarah Lizee
Olympia, Wash., April 25 – Credit Suisse AG, London Branch priced $850,000 of 20% autocallable reverse convertible securities due April 27, 2020 linked to the least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Advanced Micro Devices, Inc., Facebook Inc., Snap Inc. and Twitter, Inc.
Interest is payable monthly.
The notes will be called at par if the shares of the least performing stock close at or above its initial price on any monthly trigger observation date.
The payout at maturity will be par unless any of the stocks finishes below its 55% 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
|
| Issue: | Contingent coupon autocallable reverse convertible securities
|
| Underlying stocks: | Advanced Micro Devices, Inc., Facebook Inc., Snap Inc. and Twitter, Inc.
|
| Amount: | $850,000
|
| Maturity: | April 27, 2020
|
| Coupon: | 20% per year, payable monthly
|
| Price: | Par
|
| 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
|
| Call: | At par plus the coupon if shares close at or above initial share price on any monthly trigger observation date
|
| Initial prices: | $28.18 for Advanced, $181.44 for Facebook, $11.53 for Snap, $34.39 for Twitter
|
| Coupon barrier/knock-in levels: | $15.499 for Advanced, $99.792 for Facebook, $6.3415 for Snap, $18.9145 for Twitter; 55% of initial levels
|
| Pricing date: | April 22
|
| Settlement date: | April 25
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.875%
|
| Cusip: | 22549JL57
|
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