Published on 5/24/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.84 million autocallable reverse convertibles on United Rentals
By Wendy Van Sickle
Columbus, Ohio, May 24 – Credit Suisse AG, London Branch priced $1.84 million of 9.25% autocallable reverse convertible securities due Aug. 24, 2018 linked to the common stock of United Rentals, 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 United Rentals shares close at or above the initial share price on Nov. 20, 2017, Feb. 21, 2018 or May 21, 2018.
The payout at maturity will be par unless United Rentals shares close at or below the knock-in price, 60% 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 United Rentals 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 is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable reverse convertible securities
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| Underlying stock: United Rentals, Inc.,
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| Amount: | $1,843,000
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| Maturity: | Aug. 24, 2018
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| Coupon: | 9.25%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless United Rentals stock closes at or below knock-in price during life of notes and finishes below initial share price, in which case 8.9286 United Rentals shares 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 Nov. 20, 2017, Feb. 21, 2018 or May 21, 2018
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| Initial share price: | $110.10
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| Knock-in price: | $66.06 or 60% of initial share price
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| Pricing date: | May 19
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| Settlement date: | May 24
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.5%
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| Cusip: | 22549JGS3
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