Published on 4/12/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.1 million autocallable reverse convertibles on Apple
By Tali Rackner
Minneapolis, April 12 – Credit Suisse AG, London Branch priced $1.1 million of contingent coupon autocallable reverse convertible securities due July 10, 2019 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 10% if the stock closes at or above its 75% coupon barrier price on a monthly observation date.
The notes will be called at par if the shares close at or above the initial share price on Oct. 5, Jan. 7, 2019 or April 5, 2019.
The payout at maturity will be par unless the shares finish below the initial level and close below the 75% knock-in price any day during the life of the notes, in which case investors will receive a number of Apple shares 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 and Incapital LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stock: | Apple Inc. (Symbol: AAPL)
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| Amount: | $1,102,000
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| Maturity: | July 10, 2019
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| Coupon: | 10% annualized, payable monthly if stock closes at or above coupon barrier price on a monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless Apple stock finishes below initial level and closes below knock-in price any day during life of notes, in which case a number of shares equal to $1,000 divided by the initial share price
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| Call: | At par if Apple shares close at or above initial share price on Oct. 5, Jan. 7, 2019 or April 5, 2019
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| Initial price: | $172.80
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| Knock-in/barrier price: | $129.60, 75% of initial share price
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| Pricing date: | April 5
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| Settlement date: | April 10
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| Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
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| Fees: | 0.75%
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| Cusip: | 22549JSR2
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