Published on 3/21/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $2.6 million autocallable reverse convertibles on four stocks
By Wendy Van Sickle
Columbus, Ohio, March 21 – Credit Suisse AG, London Branch priced $2.6 million of 10% autocallable reverse convertible securities due March 13, 2019 linked to least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Blackstone Group LP, Invesco Ltd., KKR & Co. LP and State Street Corp.
Credit Suisse will pay the coupon monthly.
The notes will be called at par if the shares of the least performing stock close at or above their initial price on a quarterly observation date after six months.
The payout at maturity will be par unless any of the stocks finishes below its 60% knock-in level, 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
|
| Issue: | Autocallable reverse convertible securities
|
| Underlying stocks: | Blackstone Group LP, Invesco Ltd., KKR & Co. LP and State Street Corp.
|
| Amount: | $2.6 million
|
| Maturity: | March 13, 2019
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| 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
|
| Call: | At par plus the coupon if shares close at or above initial share price on any quarterly trigger observation date after six months
|
| Initial share prices: | $33.38 for Blackstone, $32.64 for Invesco, $21.64 for KKR, $105.83 for State Street
|
| Knock-in prices: | $20.028 for Blackstone, $19.584 for Invesco, $12.984 for KKR, $63.498 for State Street; or 60% of initial share prices
|
| Pricing date: | March 19
|
| Settlement date: | March 22
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 3.5%
|
| Cusip: | 22549JRV4
|
|
|
© 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.
