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Credit Suisse eyes contingent coupon autocallable reverse convertibles on Starbucks
By Sarah Lizee
Olympia, Wash., Oct. 16 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable reverse convertible securities due Jan. 25, 2021 linked to the common stock of Starbucks Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 8.1% if the stock closes at or above its 77% knock-in level on a monthly observation date.
After six months, the notes will be called at par if the shares close at or above the initial share price on any quarterly trigger observation date.
The payout at maturity will be par unless the shares finish below the initial level and ever close below the knock-in level, in which case investors will receive a number of 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 is the agent.
The notes will price on Oct. 18. The Cusip number is 22549J2Q2
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