Published on 5/31/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $85,000 contingent coupon autocall reverse convertibles on Skechers
By Wendy Van Sickle
Columbus, Ohio, May 31 – Credit Suisse AG, London Branch priced $85,000 of contingent coupon autocallable reverse convertible securities due Aug. 30, 2019 linked to class A common stock of Skechers U.S.A., Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 10% if Skechers shares close at or above the 60% coupon barrier on the observation date for that month.
The notes will be called at par plus the coupon if Skechers shares close at or above the initial share price on Nov. 27, 2018, Feb. 25, 2019 or May 28, 2019.
The payout at maturity will be par unless the shares ever close at or below the 60% knock-in level during the life of the notes and finish below the initial share price, in which case investors will receive a number of Skechers 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: | Skechers U.S.A., Inc. (Symbol: SKX)
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| Amount: | $85,000
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| Maturity: | Aug. 30, 2019
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| Contingent coupon: | 10%, payable monthly if stock closes at or above 60% coupon barrier level on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless stock falls and ever closes at or below knock-in price during life of notes, in which case a number of Skechers shares equal to $1,000 divided by the initial share price
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| Call: | At par plus the coupon if Skechers shares close at or above initial share price on Nov. 27, 2018, Feb. 25, 2019 or May 28, 2019
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| Initial level: | $30.81
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| Knock-in level: | $18.486, 60% of initial level
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| Pricing date: | May 25
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| Settlement date: | May 31
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.25%
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| Cusip: | 22549JTB6
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