Published on 6/13/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.2 million autocallable reverse convertibles on stocks
By Wendy Van Sickle
Columbus, Ohio, June 13 – Credit Suisse AG, London Branch priced $2.2 million of 10% autocallable reverse convertible securities due June 11, 2021 linked to the least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are FedEx Corp., United Parcel Service, Inc., J.B. Hunt Transport Services, Inc. and Knight-Swift Transportation Holdings 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 starting in December.
The payout at maturity will be par unless either of the stocks finishes below its 50% 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: | FedEx Corp., United Parcel Service, Inc., J.B. Hunt Transport Services, Inc. and Knight-Swift Transportation Holdings Inc.
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| Amount: | $2.2 million
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| Maturity: | June 11, 2021
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| Coupon: | 10% per year, payable monthly if each stock closes above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par unless either 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: | At par plus the coupon if shares close at or above initial share price on any monthly trigger observation date starting in December
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| Initial prices: | $156.85 for FedEx, $98.00 for United Parcel Service, $87.74 for J.B. Hunt, $29.89 for Knight-Swift
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| Knock-in levels: | $78.425 for FedEx, $49.00 for United Parcel Service, $43.87 for J.B. Hunt, $14.945 for Knight-Swift; 50% of initial levels
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| Pricing date: | June 6
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| Settlement date: | June 11
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.733%
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| Cusip: | 22549JN22
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