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Credit Suisse plans contingent coupon autocallable reverse convertibles on Valero
By Wendy Van Sickle
Columbus, Ohio, Jan. 16 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable reverse convertible securities due April 30, 2020 linked to the common stock of Valero Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 11.5% if the stock closes at or above its 70% knock-in level on a monthly observation date.
The notes will be called at par if the shares close at or above the initial share price on July 25, 2019, Oct. 25, 2019 or Jan. 27, 2020.
The payout at maturity will be par unless the shares finish below the initial level and close below the knock-in level 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, an amount in cash equal to the value of those shares.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price on Jan. 25 and settle on Jan. 30.
The Cusip number is 22549JZX1.
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