Published on 7/5/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.73 million contingent coupon autocallable reverse convertibles on AT&T
By Wendy Van Sickle
Columbus, Ohio, July 5 – Credit Suisse AG, London Branch priced $1.73 million of contingent coupon autocallable reverse convertible securities due Sept. 30, 2019 linked to the common stock of AT&T Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 8% if the stock closes at or above its 75% knock-in level on a monthly observation date.
The notes will be called at par if the shares close at or above the initial share price on Dec. 26, 2018, March 26, 2019 or June 25, 2019.
The payout at maturity will be par unless the shares finish below the initial level and close below the knock-in level any day during the life of the notes, in which case investors will receive a number of shares 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: | Contingent coupon autocallable reverse convertible securities
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| Underlying stock: | AT&T Inc.
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| Amount: | $1,726,000
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| Maturity: | Sept. 30, 2019
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| Coupon: | 8%, payable monthly if stock closes at or above knock-in price on a monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below initial level and closes below knock-in price any day during life of notes, in which case a number of shares equal to $1,000 divided by the initial share price
|
| Call: | At par if shares close at or above initial share price on Dec. 26, 2018, March 26, 2019 or June 25, 2019
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| Initial level: | $31.62
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| Knock-in price: | $23.715, 75% of initial share price
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| Pricing date: | June 26
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| Settlement date: | June 29
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.25%
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| Cusip: | 22549JUJ7
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