Published on 4/11/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.17 million autocallable reverse convertibles on BofA
By Tali Rackner
Minneapolis, April 11 – Credit Suisse AG, London Branch priced $1.17 million of 8.8% autocallable reverse convertible notes due July 10, 2019 linked to the common stock of Bank of America Corp., 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 Oct. 5, Jan. 7, 2019 or April 5, 2019.
The payout at maturity will be par unless the shares finish below the initial price and ever close below the 70% knock-in price on any day 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 and Incapital LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable reverse convertible notes
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| Underlying stock: | Bank of America Corp. (Symbol: BAC)
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| Amount: | $1,168,000
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| Maturity: | July 10, 2019
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| Contingent coupon: | 8.8%, 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 price during life of notes, in which case a number of Bank of America 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 Oct. 5, Jan. 7, 2019 or April 5, 2019
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| Initial price: | $30.32
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| Knock-in price: | $22.74, 75% of initial price
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| Pricing date: | April 5
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| Settlement date: | April 10
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| Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
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| Fees: | 2.25%
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| Cusip: | 22549JA59
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