Published on 3/20/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $964,000 21% autocallable reverse convertibles on three stocks
By Sarah Lizee
Olympia, Wash., March 20 – Credit Suisse AG, London Branch priced $964,000 of 21% autocallable reverse convertible securities due March 23, 2020 linked to the lowest performing of the common stocks of eHealth, Inc., Hertz Global Holdings, Inc. and Papa John’s International, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
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 beginning June 19.
The payout at maturity will be par unless any stock finishes below its knock-in price, 55% 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: | eHealth, Inc., Hertz Global Holdings, Inc. and Papa John’s International, Inc.
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Amount: | $964,000
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Maturity: | March 23, 2020
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Coupon: | 21%, 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: | After three months, 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: | $56.68 for eHealth, $16.96 for Hertz and $46.98 for Papa John’s
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Knock-in prices: | $31.174 for eHealth, $9.328 for Hertz and $25.839 for Papa John’s; 55% of initial share prices
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Pricing date: | March 19
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Settlement date: | March 21
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.875%
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Cusip: | 22549JH37
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