Published on 10/29/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.52 million 9.25% reverse convertible autocalls on Netflix
By Sarah Lizee
Olympia, Wash., Oct. 29 – Credit Suisse AG, London Branch priced $1.52 million of 9.25% contingent coupon autocallable reverse convertible securities due Jan. 30, 2020 linked to Netflix, Inc. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly if the stock closes above its coupon barrier, 55% of its initial level, on the related observation date.
The notes will be called at par plus the coupon if the stock closes at or above its initial level on any quarterly review date.
The payout at maturity will be par unless the shares finish below the 55% knock-in level, 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: | Contingent coupon autocallable reverse convertible securities
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| Underlying stock: | Netflix, Inc. (Symbol: NFLX)
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| Amount: | $1.52 million
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| Maturity: | Jan. 30, 2020
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| Contingent coupon: | 9.25%, payable monthly if stock closes above 55% coupon barrier on related review date
|
| Price: | Par
|
| Payout at maturity: | Par unless stock falls below 55% knock-in level, in which case a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent
|
| Call: | At par plus the coupon if shares close at or above initial level on any quarterly review date beginning April 25, 2019
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| Initial level: | $312.87
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| Knock-in/Coupon barrier: | $172.0785, 55% of initial level
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| Pricing date: | Oct. 25
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| Settlement date: | Oct. 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.25%
|
| Cusip: | 22549JYQ7
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