Published on 8/30/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.76 million contingent coupon reverse convertibles linked to stocks
By Sarah Lizee
Olympia, Wash., Aug. 30 – Credit Suisse AG, London Branch priced $1.76 million of contingent coupon autocallable reverse convertible securities due Aug. 29, 2022 linked to the lowest performing of the common stocks of Walt Disney Co., Hess Corp. and Twilio Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If each stock closes at or above its coupon barrier, 60% of initial share price, on a quarterly observation date, then the notes will pay a contingent coupon at the rate of 7.5% per year.
The notes will be automatically called at par if each stock close at or above 73% of its initial share price on any quarterly observation date.
The payout at maturity will be par unless any stock finishes below its knock-in price, 50% of its initial level, in which case investors will receive a number of shares of the lowest-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
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| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stocks: | Walt Disney Co., Hess Corp. and Twilio Inc.
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| Amount: | $1.76 million
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| Maturity: | Aug. 29, 2022
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| Coupon: | If each stock closes at or above coupon barrier on quarterly observation date, notes pay contingent coupon at rate of 7.5% per year
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in price, in which case number of shares of lowest-performing stock equal to $1,000 divided by initial share price or, at issuer’s option, amount in cash equal to value of those shares
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| Call: | Automatically at par if each stock closes at or above 73% of initial share price on any quarterly observation date
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| Initial share prices: | $134.61 for Disney, $59.92 for Hess, $129.98 for Twilio
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| Trigger levels: | $98.2653 for Disney, $43.7416 for Hess, $94.8854 for Twilio; 73% of initial levels
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| Coupon barrier levels: | $80.766 for Disney, $35.952 for Hess, $77.988 for Twilio; 60% of initial levels
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| Kncok-in levels: | $67.305 for Disney, $29.96 for Hess, $64.99 for Twilio; 50% of initial levels
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| Pricing date: | Aug. 26
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| Settlement date: | Aug. 28
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 22549JX96
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