Published on 11/1/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.34 million contingent coupon reverse convertibles linked to Apple
By Angela McDaniels
Tacoma, Wash., Nov. 1 – Credit Suisse AG, London Branch priced $1.34 million of contingent coupon autocallable reverse convertible securities due Feb. 4, 2021 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a coupon at the rate of 8.25% per year if Apple stock closes at or above the knock-in price, 76% of the initial share price, on the observation date for that month.
The notes will be automatically called at par if Apple shares close at or above the initial share price on April 29, 2020, July 30, 2020 or Oct. 30, 2020.
The payout at maturity will be par unless Apple shares close below the knock-in price on any day during the life of the notes and finish below the initial share price, in which case investors will receive a number of Apple 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 underwriter.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable reverse convertible securities
|
| Underlying stock: | Apple Inc. (Symbol: AAPL)
|
| Amount: | $1,343,000
|
| Maturity: | Feb. 4, 2021
|
| Coupon: | 8.25% per year, payable monthly if stock closes at or above knock-in price on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless stock closes below knock-in price on any day during life of notes and finishes below initial share price, in which case number of Apple shares equal to $1,000 divided by initial share price or, at issuer’s option, amount in cash equal to value of those shares
|
| Call: | Automatically at par if Apple shares close at or above initial share price on April 29, 2020, July 30, 2020 or Oct. 30, 2020
|
| Initial share price: | $243.26
|
| Knock-in price: | $184.8776, 76% of initial share price
|
| Pricing date: | Oct. 30
|
| Settlement date: | Nov. 4
|
| Underwriter: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.25%
|
| Cusip: | 22549J2S8
|
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