Published on 6/14/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $500,000 autocallable reverse convertibles on three stocks
By Marisa Wong
Morgantown, W.Va., June 14 – Credit Suisse AG, London Branch priced $500,000 of 16.5% contingent coupon autocallable reverse convertible notes due June 1, 2020 linked to the worst performing of the common stocks of First Solar, Inc., General Electric Co. and Tesla, Inc., 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 price on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless any underlying stock finishes below its 55% knock-in level, in which case investors will receive a number of shares of the worst performing stock equal to $1,000 divided by that stock’s 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: | First Solar, Inc. (Symbol: FSLR), General Electric Co. (Symbol: GE) and Tesla, Inc. (Symbol: TSLA)
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| Amount: | $500,000
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| Maturity: | June 1, 2020
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| Contingent coupon: | 16.5%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its 55% knock-in level, in which case a number of shares of the worst performing stock equal to $1,000 divided by the initial share price of that stock or, at the issuer’s option, the cash equivalent
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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: | $57.31 for First Solar, $9.45 for GE, $190.63 for Tesla
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| Knock-in levels: | $31.5205 for First Solar, $5.1975 for GE, $104.8465 for Tesla; 55% of initial prices
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| Pricing date: | May 24
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| Settlement date: | May 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4%
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| Cusip: | 22549JR77
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