Published on 1/19/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $762,000 12% autocallable reverse convertibles on four stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 19 – Credit Suisse AG, London Branch priced $762,000 of 12% autocallable reverse convertible securities due Jan. 22, 2019 linked to the lowest performing of the ordinary shares of Deutsche Bank AG and Orbotech Ltd. and the common stocks of Skyworks Solutions, Inc. and Atlas Air Worldwide Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Beginning April 17, 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.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable reverse convertible securities
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| Underlying stocks: | Deutsche Bank AG, Orbotech Ltd., Skyworks Solutions, Inc. and Atlas Air Worldwide Holdings, Inc.
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| Amount: | $762,000
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| Maturity: | Jan. 22, 2019
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| Coupon: | 12%, 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 number of shares of worst-performing stock equal to $1,000 divided by that stock’s initial share price or, at issuer’s option, amount in cash equal to value of those shares
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| Call: | Beginning April 17, automatically at par if each stock closes at or above initial share price on any quarterly trigger observation date
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| Initial share prices: | $18.52 for Deutsche, $102.19 for Orbotech, $61.95 for Skyworks and $54.10 for Atlas Air
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| Knock-in prices: | $11.112 for Deutsche, $61.314 for Orbotech, $37.17 for Skyworks and $32.46 for Atlas Air; 60% of initial share prices
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| Pricing date: | Jan. 17
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| Settlement date: | Jan. 19
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JNZ9
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