Credit Suisse plans contingent coupon autocall reverse convertibles on BofA

By Tali Rackner

Minneapolis, May 5 – Credit Suisse AG, London branch plans to price autocallable reverse convertible securities due Aug. 13, 2018 linked to the common stock of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent monthly coupon at an annual rate of 8% to 10% if the stock closes at or above its 70% coupon barrier on the observation date for that month.

The notes will be called at par if the shares close at or above the initial share price on Nov. 8, 2017, Feb. 7, 2018 or May 9, 2018.

The payout at maturity will be par unless the shares finish below its initial level and ever close at or below the knock-in level, 70% of the initial share price, during the life of the notes, in which case investors will receive a number of Bank of America 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.

The notes will price on May 9 and settle on May 12.

The Cusip number is 22549JGJ3.

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