Published on 11/5/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.08 million autocallable reverse convertibles on Roku, Trade Desk
By Wendy Van Sickle
Columbus, Ohio, Nov. 5 – Credit Suisse AG, London Branch priced $1.08 million of 21% autocallable reverse convertible notes due Oct. 30, 2020 linked to the worst performing of the class A common stocks of Roku, Inc. and Trade Desk, 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 price on any monthly observation date after three months.
If the notes are not called, the payout at maturity will be par unless either underlying stock finishes below its 50% knock-in level, in which case investors will receive a number of shares of the worst performing stock equal to $1,000 divided by that stock’s 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
|
| Issue: | Autocallable reverse convertible notes
|
| Underlying stocks: | Roku, Inc., Trade Desk, Inc.
|
| Amount: | $1,083,000
|
| Maturity: | Oct. 30, 2020
|
| Contingent coupon: | 21%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless either stock finishes below its 50% knock-in level, in which case a number of shares of the worst performing stock equal to $1,000 divided by the initial share price of that stock or, at the issuer’s option, the cash equivalent
|
| Call: | At par plus the coupon if each stock closes at or above initial share price on any monthly observation date after three months
|
| Initial prices: | $146.88 for Roku, $209.97 for Trade Desk
|
| Knock-in levels: | $73.44 for Roku, $104.985 for Trade Desk; 50% of initial prices
|
| Pricing date: | Oct. 28
|
| Settlement date: | Oct. 31
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.875%
|
| Cusip: | 22549J2W9
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
