Published on 7/17/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $644,000 autocallable reverse convertibles on three stocks
By Wendy Van Sickle
Columbus, Ohio, July 17 – Credit Suisse AG, London Branch priced $644,000 of 15% autocallable reverse convertible securities due June 28, 2019 linked to least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Tesla, Inc., First Solar, Inc. and General Electric Co.
Credit Suisse will pay the coupon quarterly.
The notes will be called at par if the shares of the least performing stock close at or above their initial price on a quarterly observation date starting on Sept. 26.
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: | Autocallable reverse convertible securities
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| Underlying stocks: | Tesla, Inc., First Solar, Inc. and General Electric Co.
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| Amount: | $644,000
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| Maturity: | June 28, 2019
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| Coupon: | 15%, payable quarterly
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| Price: | Par
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| 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 a quarterly observation date starting on Sept. 26
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| Initial share prices: | $344.50 for Tesla, $50.98 for First Solar, $13.96 for General Electric
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| Knock-in prices: | $189.475 for Tesla, $28.039 for First Solar, $7.678 for General Electric; or 55% of initial share prices
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| Pricing date: | June 27
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| Settlement date: | June 29
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4%
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| Cusip: | 22549JTY6
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