Published on 6/19/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $680,000 contingent coupon autocall reverse convertibles on Amazon
By Susanna Moon
Chicago, June 16 – Credit Suisse AG, London Branch priced $680,000 of contingent coupon autocallable reverse convertible securities due Sept. 5, 2018 linked to Amazon.com, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 8.5% if the stock closes at or above its 75% coupon barrier on an observation date for that month.
The notes will be called at par if Amazon shares close at or above the initial share price on any observation date.
The payout at maturity will be par unless the stock finishes below its initial level and ever closes below its 75% knock-in level during the life of the notes, in which case investors will receive a number of Amazon shares 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: | Contingent coupon autocallable reverse convertible securities
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| Underlying stock: | Amazon.com, Inc. (Symbol: AMZN)
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| Amount: | $680,000
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| Maturity: | Sept. 5, 2018
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| Coupon: | 8.5%, payable monthly if stock closes at or above 75% coupon barrier on a monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless stock falls and ever dips below knock-in, in which case 1.0054 Amazon shares
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| Call: | At par if shares close at or above initial level on Nov. 30, 2017, Feb. 28, 2018 or May 31, 2018
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| Initial level: | $994.62
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| Knock-in price: | $745.965, 75% of initial level
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| Pricing date: | May 31
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| Settlement date: | June 5
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| Agents | Credit Suisse Securities (USA) LLC
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| Fees: | 0.75%
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| Cusip: | 22549JGX2
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