Published on 10/12/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $635,000 19% autocall reverse convertibles on three stocks
By Susanna Moon
Chicago, Oct. 12 – Credit Suisse AG, London Branch priced $635,000 of 19% autocallable reverse convertible notes due Sept. 27, 2019 linked to the worst performing of the common stocks of Ensco plc, Cleveland-Cliffs Inc. and Weatherford International plc, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each stock closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless any underlying stock finishes 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 agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable reverse convertible notes
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Underlying stocks: | Cleveland-Cliffs Inc. (Symbol: CLF), Ensco plc (Symbol: ESV) and Weatherford International plc (Symbol: WFT)
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Amount: | $635,000
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Maturity: | Sept. 27, 2019
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Contingent coupon: | 19%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless any stock closes at or below barrier, in which case a number of shares of worst performing stock equal to $1,000 divided by the initial share price
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Call: | At par plus the coupon if each stock closes at or above initial share price on any quarterly observation date
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Initial levels: | $12.91 for Cleveland-Cliffs, $8.54 for Ensco and $2.73 for Weatherford
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Barrier levels: | $8.3915 for Cleveland-Cliffs, $5.551 for Ensco and $1.7745 for Weatherford, 65% of initial levels
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Pricing date: | Sept. 25
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Settlement date: | Sept. 27
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.875%
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Cusip: | 22549JXB1
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