Published on 9/27/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $500,000 10% autocallable reverse convertibles linked to pharma stocks
By Angela McDaniels
Tacoma, Wash., Sept. 27 – Credit Suisse AG, London Branch priced $500,000 of 10% autocallable reverse convertible securities due Sept. 28, 2018 linked to the lowest performing of the common stocks of Regeneron Pharmaceuticals, Inc., Gilead Sciences, Inc. and Mylan NV, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Beginning Dec. 26, the notes will be automatically called at par if each stock closes at or above its initial share price on any monthly trigger observation date.
The payout at maturity will be par unless any stock finishes below its knock-in price, 70% of its initial share price, 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, 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: | Autocallable reverse convertible securities
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| Underlying stocks: | Regeneron Pharmaceuticals, Inc. (Symbol: REGN), Gilead Sciences, Inc. (Symbol: GILD) and Mylan NV (Symbol: MYL)
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| Amount: | $500,000
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| Maturity: | Sept. 28, 2018
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| Coupon: | 10%, payable monthly
|
| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in price, in which case number of shares of worst-performing stock equal to $1,000 divided by that stock’s initial share price or, at issuer’s option, amount in cash equal to value of those shares
|
| Call: | Automatically at par if each stock closes at or above initial share price on Dec. 26, 2017, Jan. 25, 2018, Feb. 26, 2018, March 26, 2018, April 26, 2018, May 24, 2018, June 26, 2018, July 26, 2018 or Aug. 24, 2018
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| Initial share prices: | $434.97 for Regeneron, $83.76 for Gilead and $31.13 for Mylan
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| Knock-in prices: | $304.479 for Regeneron, $58.632 for Gilead and $21.791 for Mylan; 70% of initial share price
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| Pricing date: | Sept. 26
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| Settlement date: | Sept. 28
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JKX7
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