Published on 8/31/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.16 million 23.5% autocallable reverse convertibles on two stocks
By Tali Rackner
Minneapolis, Aug. 31 – Credit Suisse AG, London Branch, priced $1.16 million of 23.5% autocallable reverse convertible securities due Feb. 28, 2018 linked to the common stocks of Finisar Corp. and Nvidia Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par plus the coupon if both stocks close at or above the initial share prices on Nov. 27, Dec. 26 or Jan. 26, 2018.
The payout at maturity will be par unless the lesser performing stock finishes below the knock-in price, 75% of the initial share price, in which case investors will receive a number of shares of the lesser 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 agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable reverse convertible securities
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| Underlying stocks: | Finisar Corp. (Symbol: FNSR) and Nvidia Corp. (Symbol: NVDA)
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| Amount: | $1,163,000
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| Maturity: | Feb. 28, 2018
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| Contingent coupon: | 23.5 %, payable monthly
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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 a number of shares of lesser performing stock equal to $1,000 divided by the initial share price or cash
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| Call: | At par plus the coupon if shares of both stocks close at or above initial share price on Nov. 27, Dec. 26 or Jan. 26, 2018
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| Initial level: | $24.60 for Finisar, $163.81 for Nvidia
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| Knock-in price: | $18.45 for Finisar, $122.8575 for Nvidia, 75% of initial price
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| Pricing date: | Aug. 28
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| Settlement date: | Aug. 31
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.5%
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| Cusip: | 22549JKE9
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