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Credit Suisse plans 16.5%-17.5% autocall reverse converts on stocks
By Susanna Moon
Chicago, Aug. 13 – Credit Suisse AG, London Branch plans to price 16.5% to 17.5% autocallable reverse convertible securities due Aug. 30, 2019 linked to the lowest performing of the common stocks of Weatherford International plc, Noble Corp. plc and U.S. Steel Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly, with the exact coupon to be set at pricing.
The notes will be called at par if each stock closes at or above its initial level on any review date.
The payout at maturity will be par unless any underlying stock closes below its 65% knock-in level, in which case investors will receive a number of shares of the worst performing stock 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 underwriter.
The notes will price on Aug. 28.
The Cusip number is 22549JWD8.
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