Published on 2/1/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $936,000 24.5% autocall reverse convertibles on two stocks
By Sarah Lizee
Olympia, Wash., Feb. 1 – Credit Suisse AG, London Branch priced $936,000 of 24.5% autocallable reverse convertible notes due July 31, 2019 linked to the worst performing of the common stocks of CenturyLink, Inc. and Square, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each stock closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless any underlying stock finishes below its 75% knock-in level, in which case investors will receive a number of shares of the worst performing stock 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: | Autocallable reverse convertible notes
|
| Underlying stocks: | CenturyLink, Inc. and Square, Inc.
|
| Amount: | $936,000
|
| Maturity: | July 31, 2019
|
| Contingent coupon: | 24.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock closes at or below barrier, in which case a number of shares of worst performing stock equal to $1,000 divided by the initial share price
|
| Call: | At par plus the coupon if each stock closes at or above initial share price on any quarterly observation date
|
| Initial prices: | $15.09 for CenturyLink, $76.22 for Square
|
| Barrier prices: | $11.3175 for CenturyLink, $57.165 for Square, 75% of initial prices
|
| Pricing date: | Jan. 29
|
| Settlement date: | Jan. 31
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.5%
|
| Cusip: | 22549JD98
|
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