Published on 1/25/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $562,000 14.25% autocall reverse convertibles on stocks
By Susanna Moon
Chicago, Jan. 25 – Credit Suisse AG, London Branch priced $562,000 of 14.25% autocallable reverse convertible securities due Jan. 22, 2019 linked to the lowest performing of the class A common stock of Twilio Inc. and the common stock Stratasys Ltd., 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 observation date.
The payout at maturity will be par unless either stock finishes below its 60% knock-in level, in which case investors will receive a number of shares of the worse 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: | Autocallable reverse convertible securities
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| Underlying stocks: | Twilio Inc. (Symbol: TWLO), Stratasys Ltd. (Symbol: SSYS)
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| Amount: | $562,000
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| Maturity: | Jan. 22, 2019
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| Coupon: | 14.25%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless either stock finishes below knock-in level, in which case number of shares of worse performing stock equal to $1,000 divided by initial share price
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| Call: | At par if each stock closes at or above initial share price on any observation date
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| Initial share prices: | $25.68 for Twilio, $22.79 for Stratasys
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| Knock-in prices: | $15.408 for Twilio, $13.674 for Stratasys; 60% of initial share prices
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| Pricing date: | Jan. 18
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| Settlement date: | Jan. 22
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JPD6
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