Published on 5/25/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $521,000 15% autocall reverse convertibles tied to three stocks
By Susanna Moon
Chicago, May 25 – Credit Suisse AG, London Branch priced $521,000 of 15% autocallable reverse convertible notes due May 22, 2019 linked to the worst performing of the common stocks of Tesla Inc., First Solar, Inc. and General Electric Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each stock closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless any underlying stock finishes below its 65% knock-in level, in which case investors will receive a number of shares of the worst 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: | Contingent coupon autocallable reverse convertible notes
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| Underlying stocks: | Tesla Inc. (Symbol: TSLA), First Solar, Inc. (Symbol: FSLR) and General Electric Co. (Symbol: GE)
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| Amount: | $521,000
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| Maturity: | May 22, 2019
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| Contingent coupon: | 15%, payable monthly
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| Price: | Par
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| 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
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| Call: | At par plus the coupon if each stock closes at or above initial share price on any quarterly observation date
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| Initial prices: | $276.82 for Tesla, $70.00 for First Solar and $14.97 for GE
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| Barrier prices: | $152.25 for Tesla, $38.50 for First Solar and $8.23 for GE, 55% of initial prices
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| Pricing date: | May 18
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| Settlement date: | May 22
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.9%
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| Cusip: | 22549JSW1
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