Published on 3/14/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.55 million autocallable reverse convertibles on four stocks
By Wendy Van Sickle
Columbus, Ohio, March 14 – Credit Suisse AG, London Branch priced $1.55 million of 18.25% autocallable reverse convertible securities due March 13, 2019 linked to least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Dick’s Sporting Goods, Inc., Foot Locker, Inc., Nike, Inc. and Under Armour, Inc. Credit Suisse will pay the coupon monthly.
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.
The payout at maturity will be par unless any of the stocks finishes below its 65% 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
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| Issue: | Autocallable reverse convertible securities
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| Underlying stocks: | Dick’s Sporting Goods, Inc., Foot Locker, Inc., Nike, Inc. and Under Armour, Inc.
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| Amount: | $1,549,000
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| Maturity: | March 13, 2019
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| Coupon: | 18.25%, 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 shares of least performing stock equal to $1,000 divided by initial share price or amount in cash equal to value of those shares
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| Call: | At par plus the coupon if shares close at or above initial share price on any quarterly trigger observation date
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| Initial share prices: | $31.92 for Dick’s, $42.56 for Foot Locker, $66.30 for Nike, $17.05 for Under Armour
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| Knock-in prices: | $20.748 for Dick’s, $27.664 for Foot Locker, $43.095 for Nike, $11.0825 for Under Armour; or 65% of initial share prices
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| Pricing date: | March 9
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| Settlement date: | March 13
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JRJ1
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