Published on 11/14/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $2.59 million 8% autocallable reverse convertibles on four pharma stocks
By Wendy Van Sickle
Columbus, Ohio, Nov. 14 – Credit Suisse AG, London Branch priced $2.59 million of 8% autocallable reverse convertible securities due Nov. 14, 2019 linked to the lowest performing of the American depositary shares of GlaxoSmithKline plc, and the common stocks of Bristol-Myers Squibb Co., Merck & Co., Inc. and Pfizer Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Beginning May 9, 2018, the notes will be automatically called at par if each stock closes at or above its initial share price on any monthly trigger observation date.
The payout at maturity will be par unless any stock finishes below its initial level and any stock closes below its knock-in price, 53% of its initial share price, any day during the life of the notes, in which case investors will receive a number of shares of the worst-performing stock equal to $1,000 divided by that stock’s 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 agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable reverse convertible securities
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| Underlying stocks: | Bristol-Myers Squibb Co, GlaxoSmithKline plc, Merck & Co., Inc. and Pfizer Inc.
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| Amount: | $2,589,000
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| Maturity: | Nov. 14, 2019
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| Coupon: | 8%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below initial level and any stock closes below knock-in price during life of notes, in which case number of shares of worst-performing stock equal to $1,000 divided by that stock’s initial share price or, at issuer’s option, amount in cash equal to value of those shares
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| Call: | Beginning May 9, 2018, automatically at par if each stock closes at or above initial share price on any monthly trigger observation date
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| Initial share prices: | $62.58 for Bristol-Myers, $36.48 for GlaxoSmithKline, $56.58 for Merck and $35.34 for Pfizer
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| Knock-in prices: | $33.1674 for Bristol-Myers, $19.3344 for GlaxoSmithKline, $29.9874 for Merck and $18.7302 for Pfizer; 53% of initial share price
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| Pricing date: | Nov. 9
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| Settlement date: | Nov. 14
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.5%
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| Cusip: | 22549JMB3
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