Published on 11/3/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.87 million autocallable reverse convertibles on four stocks
By Wendy Van Sickle
Columbus, Ohio, Nov. 3 – Credit Suisse AG, London Branch priced $1.87 million of 11.66% autocallable reverse convertible securities due Oct. 31, 2018 linked to least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Facebook, Inc., Nvidia Corp., Alphabet Inc. and Apple Inc.
Credit Suisse will pay the coupon monthly.
The notes will be called at par if the shares of the least performing stock close at or above their initial price on a monthly observation date beginning Jan. 29, 2018.
The payout at maturity will be par unless any of the stocks finishes below its 70% knock-in level, in which case investors will receive a number of shares of the least performing 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 is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable reverse convertible securities
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| Underlying stocks: | Facebook, Inc., Nvidia Corp., Alphabet Inc. and Apple Inc.
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| Amount: | $1,867,000
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| Maturity: | Oct. 31, 2018
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| Coupon: | 11.66%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in price, in which case shares of least performing stock equal to $1,000 divided by initial share price or amount in cash equal to value of those shares
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| Call: | At par plus the coupon if shares close at or above initial share price on any monthly trigger observation date beginning Jan. 29, 2018
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| Initial share prices: | $177.88 for Facebook, $201.86 for Nvidia, $1,033.67 for Alphabet, $163.05 for Apple
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| Knock-in prices: | $124.156 for Facebook, $141.302 for Nvidia, $723.569 for Alphabet, $114.135 for Apple; or 70% of initial share prices
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| Pricing date: | Oct. 27
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| Settlement date: | Oct. 31
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JLS7
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