Published on 7/7/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.04 million autocallable reverse convertibles on three stocks
By Wendy Van Sickle
Columbus, Ohio, July 7 – Credit Suisse AG, London Branch priced $1.04 million of 13.15% autocallable reverse convertible securities due July 10, 2018 linked to the common stocks of Nvidia Corp., Oracle Corp. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if each stock closes at or above the initial share price on any monthly trigger observation date beginning Oct. 5, 2017.
The payout at maturity will be par unless shares of any of the stocks finish at or below the knock-in price, 70% of the initial share price, 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: | Nvidia Corp., Oracle Corp. and Netflix, Inc.
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| Amount: | $1,039,000
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| Maturity: | July 10, 2018
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| Coupon: | 13.15%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes at or 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 if shares close at or above initial share price on any monthly trigger observation date beginning Oct. 5, 2017
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| Initial share prices: | $143.05 for Nvidia, $49.46 for Oracle, $147.61 for Netflix
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| Knock-in prices: | $100.135 for Nvidia, $34.622 for Oracle, $103.327 for Netflix; or 70% of initial share prices
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| Pricing date: | July 5
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| Settlement date: | July 10
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JHY9
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