Published on 4/20/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.21 million contingent autocall reverse converts on Applied Materials
By Tali Rackner
Minneapolis, April 20 – Credit Suisse AG, London Branch priced $2.21 million of contingent coupon autocallable reverse convertible securities due April 15, 2019 linked to the common stock of Applied Materials, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 14.73% if the stock closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if the stock closes at or above its initial level on July 10, Oct. 10 or Jan. 9, 2019.
The payout at maturity will be par unless the shares finish below the 70% knock-in level, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stock: | Applied Materials, Inc. (Symbol: AMAT)
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| Amount: | $2,205,000
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| Maturity: | April 15, 2019
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| Contingent coupon: | 14.72% annualized, payable quarterly if stock closes at or above its 70% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below knock-in level, in which case a number of shares equal to $1,000 divided by the initial share price
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| Call: | At par plus the coupon if stock closes at or above initial share price on July 10, Oct. 10 or Jan. 9, 2019
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| Initial price: | $54.80
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| Coupon barrier/knock-in price: | $38.36, 70% of initial price
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| Pricing date: | April 5
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| Settlement date: | April 10
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.25%
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| Cusip: | 22549JA83
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