Published on 6/18/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $907,000 contingent coupon reverse convertibles linked to Facebook
By Angela McDaniels
Tacoma, Wash., June 18 – Credit Suisse AG, London Branch priced $907,000 of contingent coupon autocallable reverse convertible securities due Sept. 21, 2020 linked to the class A common stock of Facebook Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a coupon at the rate of 11.6% per year if Facebook stock closes at or above the knock-in price, 70% of the initial share price, on the observation date for that month.
The notes will be automatically called at par if Facebook shares close at or above the initial share price on Dec. 16, 2019, March 16, 2020 or June 16, 2020.
The payout at maturity will be par unless Facebook shares close below the knock-in price on any day during the life of the notes and finish below the initial share price, in which case investors will receive a number of Facebook shares 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 and Incapital LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable reverse convertible securities
|
| Underlying stock: | Facebook Inc. class A common stock (Symbol: FB)
|
| Amount: | $907,000
|
| Maturity: | Sept. 21, 2020
|
| Coupon: | 11.6% per year, payable monthly if stock closes at or above knock-in price on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless stock closes below knock-in price on any day during life of notes and finishes below initial share price, in which case number of Facebook shares equal to $1,000 divided by initial share price or, at issuer’s option, amount in cash equal to value of those shares
|
| Call: | Automatically at par if Facebook shares close at or above initial share price on Dec. 16, 2019, March 16, 2020 or June 16, 2020.
|
| Initial share price: | $181.33
|
| Knock-in price: | $126.931, 70% of initial share price
|
| Pricing date: | June 14
|
| Settlement date: | June 19
|
| Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
|
| Fees: | 0.75%
|
| Cusip: | 22549JN89
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
