Published on 8/24/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $500,000 autocallable reverse convertibles tied to three stocks
By Devika Patel
Knoxville, Tenn., Aug. 24 – Credit Suisse AG, London Branch priced $500,000 of 15.25% autocallable reverse convertible securities due Aug. 21, 2019 linked to the stocks of Dick’s Sporting Goods, Inc., International Game Technology plc and Yandex NV, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial share price on any monthly trigger observation date beginning Nov. 19.
The payout at maturity will be par unless shares of any of the stocks finish below the knock-in price, 65% of 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: | Dick’s Sporting Goods, Inc., International Game Technology plc and Yandex NV
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| Amount: | $500,000
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| Maturity: | Aug. 21, 2019
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| Coupon: | 15.25%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in 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 plus the coupon if shares close at or above initial share price on any monthly trigger observation date beginning Nov. 19
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| Initial share prices: | $37.16 for Dick’s, $20.17 for International Game, $31.27 for Yandex
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| Knock-in prices: | $24.154 for Dick’s, $13.1105 for International Game, $20.3255 for Yandex; or 65% of initial share prices
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| Pricing date: | Aug. 17
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| Settlement date: | Aug. 21
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JWK2
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