Published on 10/12/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $5.1 million 8.5% autocall reverse convertibles on four stocks
By Susanna Moon
Chicago, Oct. 12 – Credit Suisse AG, London Branch priced $5.1 million of 8.5% autocallable reverse convertible notes due Sept. 28, 2020 linked to the worst performing of the common stocks of Bank of America Corp., DowDuPont Inc., AT&T Inc. and Oracle Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each stock closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless any underlying stock finishes below its 60% knock-in level, in which case investors will receive a number of shares of the worst performing stock 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: | Contingent coupon autocallable reverse convertible notes
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| Underlying stocks: | Bank of America Corp. (Symbol: BAC), DowDuPont Inc. (Symbol: DWDP), AT&T Inc. (Symbol: T) and Oracle Corp. (Symbol: ORCL)
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| Amount: | $5.1 million
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| Maturity: | Sept. 28, 2020
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| Contingent coupon: | 8.5%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock closes at or below barrier, in which case a number of shares of worst performing stock equal to $1,000 divided by the initial share price
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| Call: | At par plus the coupon if each stock closes at or above initial share price on any quarterly observation date
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| Initial levels: | $30.74 for BofA, $68.20 for DowDuPont, $33.91 for AT&T and $51.24 for Oracle
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| Barrier levels: | $18.444 for BofA, $40.92 for DowDuPont, $20.346 for AT&T and $30.744 for Oracle, 60% of initial levels
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| Pricing date: | Sept. 24
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| Settlement date: | Sept. 27
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.643%
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| Cusip: | 22549JXM7
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