Published on 3/2/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $500,000 11.75% autocall reverse converts on stocks
By Susanna Moon
Chicago, March 2 – Credit Suisse AG, London Branch priced $500,000 of 11.75% autocallable reverse convertible securities due Feb. 15, 2019 linked to the common stocks of Freeport-McMoRan Inc. and Twitter, Inc., 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 either stock finishes below its 60% knock-in level, in which case investors will receive a number of shares of the worse 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: | Autocallable reverse convertible securities
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| Underlying shares: | Freeport-McMoRan Inc. (Symbol: FCX) and Twitter, Inc. (Symbol: TWTR)
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| Amount: | $500,000
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| Maturity: | Feb. 15, 2019
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| Coupon: | 11.75%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless either stock falls below 60% knock-in level, in which case number of shares of the worse performing stock equal to $1,000 divided by the initial share price
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| Call: | At par if each stock closes at or above its initial level on any quarterly call observation date
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| Initial level: | $17.57 for Freeport-McMoRan and $30.95 for Twitter
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| Knock-in level: | $10.542 for Freeport-McMoRan and $18.57 for Twitter, 60% of initial level
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| Pricing date: | Feb. 12
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| Settlement date: | Feb. 15
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JPX2
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