Published on 6/25/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.8 million 8.85% autocallable reverse converts on stocks
By Sarah Lizee
Olympia, Wash., June 25 – Credit Suisse AG, London Branch priced $1.8 million of 8.85% autocallable reverse convertible securities due June 25, 2021 linked to the least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Amazon.com, Inc., Costco Wholesale Corp., Target Corp. and Walmart Inc.
Interest is payable monthly.
The notes will be called at par if the shares of the least performing stock close at or above its initial price on any monthly trigger observation date starting in December.
The payout at maturity will be par unless any of the stocks finishes below its 60% 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.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stocks: | Amazon.com, Inc., Costco Wholesale Corp., Target Corp. and Walmart Inc.
|
| Amount: | $1.8 million
|
| Maturity: | June 25, 2021
|
| Coupon: | 8.85% per year, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below knock-in price, in which case shares of least performing stock equal to $1,000 divided by initial share price or amount in cash equal to value of those shares
|
| Call: | At par plus the coupon if shares close at or above initial share price on any monthly trigger observation date starting in December
|
| Initial prices: | $1,918.19 for Amazon, $267.35 for Costco, $86.21 for Target and $66.192 for Walmart
|
| Coupon barrier/knock-in levels: | $1,150.914 for Amazon, $160.41 for Costco, $51.726 for Target and $110.32 for Walmart
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| Pricing date: | June 20
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| Settlement date: | June 25
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.67%
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| Cusip: | 22549JP20
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