Published on 2/7/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $550,000 9.5% autocall reverse converts on stocks
By Susanna Moon
Chicago, Jan. 25 – Credit Suisse AG, London Branch priced $550,000 of 9.5% autocallable reverse convertible securities due Jan. 31, 2019 linked to the lowest performing of the common stocks of Boeing Co., Caterpillar Inc., Deere & Co. and General Electric Co., 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 observation date.
The payout at maturity will be par unless any stock finishes below its 70% 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
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| Issue: | Autocallable reverse convertible securities
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| Underlying stocks: | Boeing Co. (Symbol: BA), Caterpillar Inc. (Symbol: CAT), Deere & Co. (Symbol: DE) and General Electric Co. (Symbol: GE)
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| Amount: | $550,000
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| Maturity: | Jan. 31, 2019
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| Coupon: | 9.5%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in level, in which case number of shares of worst performing stock equal to $1,000 divided by initial share price
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| Call: | At par if each stock closes at or above initial share price on any observation date
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| Initial share prices: | $340.82 for Boeing, $162.58 for Caterpillar, $169.18 for Deere and $16.28 for GE
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| Knock-in prices: | $238.574 for Boeing, $113.806 for Caterpillar, $118.426 for Deere and $11.396 for GE; 70% of initial share prices
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| Pricing date: | Jan. 29
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| Settlement date: | Jan. 31
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JPL8
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