Published on 9/20/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $729,000 6.7% autocallable reverse convertibles on Gilead
By Sarah Lizee
Olympia, Wash., Sept. 20 – Credit Suisse AG, London Branch priced $729,000 of 6.7% autocallable reverse convertible notes due Sept. 23, 2019 linked to the common stock of Gilead Sciences, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par if the stock closes at or above its initial level on Dec. 18, March 18, 2019 or June 18, 2019.
The payout at maturity will be par unless the underlying stock finishes below its initial level and ever closes below its 75% knock-in level 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, 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 notes
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Underlying stocks: | Gilead Sciences, Inc. (Symbol: GILD)
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Amount: | $729,000
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Maturity: | Sept. 23, 2019
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Coupon: | 6.7%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless stock ends below initial level and ever closes below 75% knock-in level, in which case a number of shares equal to $1,000 divided by initial share price
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Call: | At par if stock closes at or above initial share price on Dec. 18, March 18, 2019 or June 18, 2019
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Initial level: | $73.67
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Knock-in level: | $55.2525, 75% of initial level
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Pricing date: | Sept. 18
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Settlement date: | Sept. 21
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.325%
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Cusip: | 22549JXD7
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