Published on 1/4/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $4.4 million 8% autocallable reverse convertibles on four stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 4 – Credit Suisse AG, London Branch priced $4.4 million of 8% autocallable reverse convertible securities due Dec. 30, 2019 linked to the lowest performing of the common stocks of Hartford Financial Services Group, Inc., MetLife, Inc., Prudential Financial, Inc. and UnitedHealth Group Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Beginning March 26, the notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly trigger observation date.
The payout at maturity will be par unless any stock finishes below its knock-in price, 62% of its initial share price, 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, 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: | Hartford Financial Services Group, Inc., MetLife, Inc., Prudential Financial, Inc. and UnitedHealth Group Inc.
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| Amount: | $4.4 million
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| Maturity: | Dec. 30, 2019
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| Coupon: | 8%, 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 worst-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
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| Call: | Beginning March 26, automatically at par if each stock closes at or above initial share price on any quarterly trigger observation date
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| Initial share prices: | $55.97 for Hartford, $50.67 for MetLife, $115.65 for Prudential and $219.60 for UnitedHealth
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| Knock-in prices: | $34.7014 for Hartford, $31.4154 for MetLife, $71.703 for Prudential and $136.152 for UnitedHealth; 62% of initial share prices
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| Pricing date: | Dec. 26
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| Settlement date: | Dec. 29
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.75%
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| Cusip: | 22549JNL0
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