Published on 7/26/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.43 million autocallable reverse convertibles on three stocks
By Wendy Van Sickle
Columbus, Ohio, July 26 – Credit Suisse AG, London Branch priced $1.43 million of 14% autocallable reverse convertible securities due July 23, 2019 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Advance Auto Parts, Inc., Foot Locker, Inc. and Signet Jewelers Ltd.
Interest is payable monthly.
The notes will be called at par if the shares of the least performing stock close at or above their initial price on any monthly trigger observation date starting in October.
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
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| Issue: | Autocallable reverse convertible securities
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| Underlying stocks: | Advance Auto Parts, Inc., Foot Locker, Inc. and Signet Jewelers Ltd.
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| Amount: | $1,426,000
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| Maturity: | July 23, 2019
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| Coupon: | 14% per year, 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 monthly trigger observation date starting in October
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| Initial prices: | $143.37 for Advance Auto, $53.10 for Foot Locker, $60.66 for Signet
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| Knock-ins levels: | $78.8535 for Advance Auto, $29.205 for Foot Locker, $33.363 for Signet; 55% of initial levels
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| Pricing date: | July 19
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| Settlement date: | July 23
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JVL1
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