Published on 3/26/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $425,000 contingent coupon reverse convertibles on Walgreens
By Marisa Wong
Morgantown, W.Va., March 26 – Credit Suisse AG, London Branch priced $425,000 of contingent coupon autocallable reverse convertible securities due June 24, 2019 linked to the common stock of Walgreens Boots Alliance, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at a rate of 7% per year if the stock closes at or above its 70% coupon barrier on the related monthly observation date.
The notes will be called at par if the shares close at or above the initial share price on Sept. 19, 2018, Dec. 19, 2018 or March 20, 2019.
The payout at maturity will be par unless the shares finish below the initial price and close below the 70% knock-in level on any day during the life of the notes, in which case investors will receive a number of Walgreens shares 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 and Incapital LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stock: | Walgreens Boots Alliance, Inc. (Symbol: WBA)
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| Amount: | $425,000
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| Maturity: | June 24, 2019
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| Coupon: | 7%, payable each month that stock closes at or above coupon barrier on related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below initial price and closes below knock-in price on any day during life of notes, in which case a number of shares equal to $1,000 divided by the initial share price or, at issuer’s option, cash equivalent
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| Call: | Automatically at par if the shares close at or above the initial share price on Sept. 19, 2018, Dec. 19, 2018 or March 20, 2019
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| Initial price: | $66.05
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| Coupon barrier: | $46.235, 70% of initial share price
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| Knock-in price: | $46.235, 70% of initial share price
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| Pricing date: | March 20
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| Settlement date: | March 23
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| Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
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| Fees: | 2.25%
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| Cusip: | 22549JRM4
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