Published on 4/1/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.76 million contingent coupon reverse convertibles on Netflix
By Marisa Wong
Morgantown, W.Va., April 1 – Credit Suisse AG, London Branch priced $1.76 million of contingent coupon autocallable reverse convertible securities due June 15, 2020 linked to the common stock of Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annual rate of 7.6% if the stock closes at or above its 50% coupon barrier on the observation date for that month.
The notes will be called at par if the shares close at or above the initial share price on Sept. 11, Dec. 11, 2019 or March 11, 2020.
The payout at maturity will be par unless the shares finish below the initial price and close below the 50% knock-in level on any day during the life of the notes, in which case investors will receive a number of shares of Netflix stock 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 and Incapital LLC are the agents.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable reverse convertible securities
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Underlying stock: | Netflix, Inc. (Symbol: NFLX)
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Amount: | $1.76 million
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Maturity: | June 15, 2020
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Coupon: | 7.6%, payable monthly if stock closes at or above knock-in price on related monthly observation date
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Price: | Par
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Payout at maturity: | Par unless stock finishes below initial price and closes below knock-in price on any day during life of notes, in which case a number of Netflix shares equal to $1,000 divided by the initial share price
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Call: | At par if shares close at or above initial share price on Sept. 11, Dec. 11, 2019 or March 11, 2020
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Initial level: | $358.86
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Coupon barrier: | $179.43, 50% of initial share price
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Knock-in price: | $179.43, 50% of initial share price
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Pricing date: | March 11
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Settlement date: | March 14
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Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
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Fees: | 2.25%
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Cusip: | 22549JF62
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