Published on 10/3/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.86 million 19.54% autocallable reverse convertibles on three stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 3 – Credit Suisse AG, London Branch priced $1.86 million of 19.54% autocallable reverse convertible securities due Sept. 28, 2018 linked to least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are USG Corp., Transocean Ltd. and AK Steel Holding Corp.
Credit Suisse will pay the coupon monthly.
The notes will be called at par if the shares of the least performing stock close at or above their initial price on a monthly observation date beginning Dec. 27, 2017.
The payout at maturity will be par unless any 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.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable reverse convertible securities
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| Underlying stocks: | USG Corp., Transocean Ltd. and AK Steel Holding Corp.
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| Amount: | $1,855,000
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| Maturity: | Sept. 28, 2018
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| Coupon: | 19.54%, payable monthly
|
| Price: | Par
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| 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 beginning Dec. 27, 2017
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| Initial share prices: | $32.36 for USG, $10.43 for Transocean, $5.37 for AK Steel
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| Knock-in prices: | $22.652 for USG, $7.301 for Transocean, $3.759 for AK Steel; or 70% of initial share prices
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| Pricing date: | Sept. 27
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| Settlement date: | Sept. 29
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JKT6
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