Credit Suisse plans contingent 7.7% autocall reverse converts on Apple

By Susanna Moon

Chicago, Aug. 28 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable reverse convertible securities due Dec. 6, 2019 linked to Apple Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 7.7% if the underlying stock closes at or above its 75% coupon barrier on the observation date for that quarter.

The notes will be called at par if the stock closes at or above its initial level on any quarterly review date after six months.

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 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 underwriter.

The notes will price on Aug. 31.

The Cusip number is 22549JWS5.

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