Published on 9/16/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $682,000 19% reverse convertibles linked to four stocks
By Angela McDaniels
Tacoma, Wash., Sept. 16 – Credit Suisse AG, London Branch priced $682,000 of 19% autocallable reverse convertible securities due Sept. 16, 2020 linked to the least performing of the American Depositary Shares of iQIYI, Inc., the common stock of First Solar Inc., the common stock of Netflix, Inc. and the common stock of Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Beginning Dec. 12, the notes will be automatically called at par if each stock closes at or above its initial share price on any monthly trigger observation date.
The payout at maturity will be par unless any stock finishes below its knock-in price, 50% of its initial share price, in which case investors will receive a number of shares of the least-performing stock equal to $1,000 divided by that stock’s 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: | iQIYI, Inc. (Symbol: IQ), First Solar Inc. (Symbol: FSLR), Netflix, Inc. (Symbol: NFLX) and Tesla, Inc. (Symbol: TSLA)
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| Amount: | $682,000
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| Maturity: | Sept. 16, 2020
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| Coupon: | 19%, payable monthly
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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 number of shares of least-performing stock equal to $1,000 divided by that stock’s initial share price or, at issuer’s option, amount in cash equal to value of those shares
|
| Call: | Beginning Dec. 12, automatically at par if each stock closes at or above initial share price on any monthly trigger observation date
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| Initial share prices: | $62.23 for First Solar, $19.71 for iQIYI, $288.86 for Netflix and $245.87 for Tesla
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| Knock-in levels: | $31.115 for First Solar, $9.855 for iQIYI, $144.43 for Netflix and $122.935 for Tesla, or 50% of initial share prices
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| Pricing date: | Sept. 12
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| Settlement date: | Sept. 16
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875% Cusip: | 22549JY53
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