Credit Suisse plans contingent autocallable reverse converts on stocks

By Emma Trincal

New York, Nov. 17 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable reverse convertible securities due Nov. 24, 2021 linked to the least performing of Apple Inc. and Target Corp., according to an FWP filing with the Securities and Exchange Commission.

Interest is payable quarterly at an annual rate of at least 12% if each stock closes above its coupon barrier, 70% of its initial level, on the related observation date. The exact coupon rate will be set at pricing.

The notes will be called at par if the shares of the least performing stock close at or above their initial price on any quarterly trigger observation date.

The payout at maturity will be par unless either of the stocks finishes below its 70% knock-in level, in which case investors will receive a number of shares of the least performing stock 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.

The notes will price on Nov. 19 and settle on Nov. 24.

The Cusip number is 22550MLT4.

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