Published on 3/27/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $250,000 autocallable reverse convertibles linked to Twitter
By Marisa Wong
Morgantown, W.Va., March 27 – Credit Suisse AG, London Branch priced $250,000 of 14% autocallable reverse convertible notes due June 26, 2019 linked to the common stock of Twitter, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if the stock closes at or above its initial price on any quarterly observation date after six months.
The payout at maturity will be par unless the shares finish below the initial price and ever close below the 70% knock-in level on any day during the life of the notes, in which case investors will receive a number of Twitter shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable reverse convertible notes
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| Underlying stock: | Twitter, Inc. (Symbol: TWTR)
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| Amount: | $250,000
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| Maturity: | June 26, 2019
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| Contingent coupon: | 14%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless stock falls and ever closes below knock-in level during life of notes, in which case a number of Twitter shares equal to $1,000 divided by the initial share price or, at issuer’s option, cash equivalent
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| Call: | At par plus the coupon if stock closes at or above initial share price on any quarterly observation date after six months
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| Initial price: | $32.73
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| Barrier price: | $22.911, 70% of initial price
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| Pricing date: | March 21
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| Settlement date: | March 26
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.5%
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| Cusip: | 22549JSK7
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