Published on 6/9/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $720,000 autocallable reverse convertibles on three retail stocks
By Wendy Van Sickle
Columbus, Ohio, June 9 – Credit Suisse AG, London Branch priced $720,000 of 12.5% autocallable reverse convertible securities due June 10, 2019 linked to the common stocks of Nordstrom, Inc., Wal-Mart Stores, Inc. and Macy’s 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 the initial share price on any monthly trigger observation date beginning Dec. 6, 2017.
The payout at maturity will be par unless shares of any of the stocks close at or below the knock-in price, 50% of the initial share price, during the life of the notes and finish below the initial share price, 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: | Nordstrom, Inc., Wal-Mart Stores, Inc. and Macy’s Inc.
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| Amount: | $720,000
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| Maturity: | June 10, 2019
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| Coupon: | 12.5%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock closes at or below knock-in price during life of notes and finishes below initial share 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 if shares close at or above initial share price on any monthly trigger observation date beginning Dec. 6, 2017
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| Initial share prices: | $41.65 for Nordstrom, $80.26 for Wal-Mart, $23.86 for Macy’s
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| Knock-in prices: | $20.285 for Nordstrom, $40.13 for Wal-Mart, $11.93 for Macy’s; or 50% of initial share prices
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| Pricing date: | June 6
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| Settlement date: | June 9
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.5%
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| Cusip: | 22549JHD5
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