Published on 12/29/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $265,000 11.5% one-year reverse convertibles on Scana
By Tali Rackner
Minneapolis, Dec. 29 – Credit Suisse AG, London Branch priced $265,000 11.5% reverse convertible securities due Nov. 28, 2018 linked to the common stock of Scana Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the shares finish below the initial price and close at or below the 80% knock-in level on any day during the life of the notes, in which case investors will receive a number of Scana 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: | Reverse convertible securities
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Underlying stock: | Scana Corp. (Symbol: SCG)
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Amount: | $265,000
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Maturity: | Nov. 28, 2018
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Coupon: | 11.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Scana 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 or cash equivalent
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Initial price: | $43.40
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Knock-in price: | $34.72, 80% of initial share price
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Pricing date: | Nov. 22
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Settlement date: | Nov. 28
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.25%
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Cusip: | 22549JMR8
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