Published on 9/29/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $500,000 24% autocallable reverse convertibles on three stocks
Chicago, Sept. 30 – Credit Suisse AG, London Branch priced $500,000 of 24% autocallable reverse convertible securities due Aug. 31, 2020 linked to the lowest performing of the common stocks of Enphase Energy, Inc., RH and Tenet Healthcare, Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if each stock closes at or above its initial share price on any monthly trigger observation date beginning Nov. 26.
The payout at maturity will be par unless any stock finishes below its knock-in price, 55% 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
|
| Issue: | Autocallable reverse convertible securities
|
| Underlying stocks: | Enphase Energy, Inc., RH and Tenet Healthcare, Corp.
|
| Amount: | $500,000
|
| Maturity: | Aug. 31, 2020
|
| Coupon: | 24%, payable monthly
|
| Price: | Par
|
| 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
|
| Call: | Automatically at par if each stock closes at or above initial share price on any monthly trigger observation date beginning Nov. 26
|
| Initial share prices: | $33.27 for Enphase, $143.05 for RH and $20.43 for Tenet
|
| Knock-in prices: | $18.2985 for Enphase, $78.6775 for RH and $11.2365 for Tenet; 55% of initial share prices
|
| Pricing date: | Aug. 28
|
| Settlement date: | Aug. 30
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.875%
|
| Cusip: | 22549JX88
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
