Published on 7/12/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $694,000 autocallable reverse convertibles tied to three stocks
By Devika Patel
Knoxville, Tenn., July 12 – Credit Suisse AG, London Branch priced $694,000 of 16.277% autocallable reverse convertible securities due July 12, 2018 linked to the common stocks of Akamai Technologies, Inc., Gigamon Inc. and Barracuda Networks, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par plus the coupon if each stock closes at or above the initial share price on any monthly trigger observation date beginning Oct. 9, 2017.
The payout at maturity will be par unless shares of any of the stocks finish below the knock-in price, 65% of the initial share price, in which case investors will receive a number of shares of the least performing stock 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
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| Issue: | Autocallable reverse convertible securities
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| Underlying stocks: | Akamai Technologies, Inc., Gigamon Inc. and Barracuda Networks, Inc.
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| Amount: | $694,000
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| Maturity: | July 12, 2018
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| Coupon: | 16.277%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in price, in which case shares of least performing stock equal to $1,000 divided by initial share price or amount in cash equal to value of those shares
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| Call: | At par plus the coupon if shares close at or above initial share price on any monthly trigger observation date beginning Oct. 9, 2017
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| Initial share prices: | $49.24 for Akamai, $39.05 for Gigamon, $23.85 for Barracuda
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| Knock-in prices: | $32.006 for Akamai, $25.3825 for Gigamon, $15.5025 for Barracuda; or 65% of initial share prices
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| Pricing date: | July 7
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| Settlement date: | July 12
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JHZ6
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