Published on 1/23/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.7 million 12% autocallable reverse convertibles on four stocks
By Tali Rackner
Minneapolis, Jan. 23 – Credit Suisse AG, London Branch priced $2.7 million of 9% autocallable reverse convertible securities due Jan. 22, 2020 linked to the lowest performing of the common stock of Walt Disney Co., the class B common stock of CBS Corp., the class A common stock of Twenty-First Century Fox Inc. and the class B common stock of Viacom Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Beginning April 18, the notes will be automatically called at par if each stock closes at or above its initial share price on any monthly trigger observation date.
The payout at maturity will be par unless any stock finishes below its knock-in price, 55% of its initial share price, in which case investors will receive a number of shares of the least-performing stock equal to $1,000 divided by that stock’s 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: | Walt Disney Co. (Symbol: DIS), CBS Corp. (Symbol: CBS), Twenty-First Century Fox, Inc. (Symbol: FOX) and Viacom Inc. (Symbol: VIAB)
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| Amount: | $2.7 million
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| Maturity: | Jan. 22, 2020
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| Coupon: | 9%, payable monthly
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless any stock finishes below knock-in price, in which case number of shares of least-performing stock equal to $1,000 divided by that stock’s initial share price or, at issuer’s option, amount in cash equal to value of those shares
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| Call: | Beginning April 18, automatically at par if each stock closes at or above initial share price on any monthly trigger observation date
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| Initial share prices: | $111.97 for Disney, $58.90 for CBS, $37.11 for FOX and $31.96 for Viacom
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| Knock-in prices: | $61.58 for Disney, $32.40 for CBS, $20.41 for FOX and $17.58 for Viacom; 55% of initial share prices
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| Pricing date: | Jan. 17
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| Settlement date: | Jan. 22
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.75%
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| Cusip: | 22549JNU0
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