Credit Suisse plans autocallable reverse convertibles on four stocks

By Devika Patel

Knoxville, Tenn., Sept. 17 – Credit Suisse AG, London Branch plans to price 8.5% autocallable reverse convertible securities due Sept. 28, 2020 linked to the lowest performing of the common stocks of Bank of America Corp., DowDuPont Inc., Oracle Corp. and AT&T Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

Beginning March 22, 2019 and ending on Aug. 24, 2020, the notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly trigger observation date.

The payout at maturity will be par unless any stock finishes below its knock-in price, 60% of its initial share price, 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.

The notes (Cusip: 22549JXM7) will price on Sept. 24 and settle on Sept. 27.

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