Published on 1/19/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.54 million 14.75% autocall reverse convertibles on stocks
By Susanna Moon
Chicago, Jan. 19 – Credit Suisse AG, London Branch priced $1.54 million of 14.75% autocallable reverse convertible securities due Jan. 17, 2019 linked to the lowest performing of the common stocks of Advance Auto Parts, Inc., Foot Locker, Inc. and Signet Jewelers Ltd., 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 observation date.
The payout at maturity will be par unless any 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 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
|
| Issue: | Autocallable reverse convertible securities
|
| Underlying stocks: | Advance Auto Parts, Inc. (Symbol: AAP), Foot Locker, Inc. (Symbol: $47.45) and Signet Jewelers Ltd. (Symbol: $56.94)
|
| Amount: | $1,543,000
|
| Maturity: | Jan. 17, 2019
|
| Coupon: | 14.75%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below knock-in level, in which case number of shares of worst performing stock equal to $1,000 divided by initial share price
|
| Call: | At par if each stock closes at or above initial share price on any observation date
|
| Initial share prices: | $115.94 for Advance Auto, $47.45 for Foot Locker and $56.94 for Signet
|
| Knock-in prices: | $63.767 for Advance Auto, $26.0975 for Foot Locker and $31.317 for Signet; 55% of initial share prices
|
| Pricing date: | Jan. 12
|
| Settlement date: | Jan. 17
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.875%
|
| Cusip: | 22549JNX4
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
