Published on 10/9/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1 million 2.25% step reverse convertibles on SendGrid
By Sarah Lizee
Olympia, Wash., Oct. 9 – Credit Suisse AG, London Branch priced $1 million of 2.25% step reverse convertible securities due Jan. 10, 2019 linked to SendGrid, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
If the stock finishes above its initial level, the payout at maturity will be par plus 1%.
Otherwise, the payout will be par unless the shares ever close below the 68% knock-in level on any day 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 agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Step reverse convertible securities
|
| Underlying stock: | SendGrid, Inc.
|
| Amount: | $1 million
|
| Maturity: | Jan. 10, 2019
|
| Coupon: | 2.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If stock gains, par plus 1%; otherwise, par unless shares ever close below 68% knock-in level, in which case number of shares equal to $1,000 divided by initial share price
|
| Initial level: | $35.60
|
| Knock-in price: | $24.21, 68% of initial share price
|
| Pricing date: | Oct. 4
|
| Settlement date: | Oct. 10
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.5%
|
| Cusip: | 22549JYG9
|
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