Published on 4/18/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.27 million contingent coupon autocall reverse converts on stock, ETFs
By Sarah Lizee
Olympia, Wash., April 18 – Credit Suisse AG, London Branch priced $1.27 million of 8.5% contingent coupon autocallable reverse convertible securities due April 18, 2022 linked to the least performing of the common stock of Amazon.com, Inc., the SPDR S&P Biotech ETF and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly if each asset closes above its coupon barrier, 60% of its initial level, on the related observation date.
The notes will be called at par if the shares of the least performing asset close at or above 80% of its initial price on any quarterly trigger observation date, starting Oct. 16.
The payout at maturity will be par unless any of the assets finishes below its 60% knock-in level, in which case investors will receive a number of shares of the least performing asset 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
|
| Issue: | Contingent coupon autocallable reverse convertible securities
|
| Underlying assets: | Amazon.com, Inc., the SPDR S&P Biotech ETF and the SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $1,271,000
|
| Maturity: | April 18, 2022
|
| Coupon: | 8.5% per year, payable quarterly if each asset closes above coupon barrier on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any asset finishes below knock-in price, in which case shares of least performing asset equal to $1,000 divided by initial share price or amount in cash equal to value of those shares
|
| Call: | At par plus the coupon if shares close at or above 80% of initial share price on any quarterly trigger observation date, starting Oct. 16
|
| Initial prices: | $1,863.04 for Amazon, $88.99 for biotech ETF, $32.27 for oil ETF
|
| Trigger levels: | $1,490.432 for Amazon, $71.192 for biotech ETF, $25.816 for oil ETF; 80% of initial levels
|
| Coupon barrier/knock-in levels: | $1,117.824 for Amazon, $53.394 for biotech ETF, $19.362 for oil ETF; 60% of initial levels
|
| Pricing date: | April 16
|
| Settlement date: | April 18
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 3%
|
| Cusip: | 22549JL73
|
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