Published on 3/6/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.9 million 9% autocall reverse converts on stocks
By Susanna Moon
Chicago, March 6 – Credit Suisse AG, London Branch priced $3.9 million of 9% autocallable reverse convertible securities due Feb. 21, 2020 linked to the common stocks of Capital One Financial Corp., Discover Financial Services and PayPal Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each stock closes at or above its initial level on any observation date.
The payout at maturity will be par unless any stock finishes below its 60% knock-in level, in which case investors will receive a number of shares of the worst performing stock 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: | Contingent coupon autocallable reverse convertible securities
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| Underlying shares: | Capital One Financial Corp. (Symbol: COF), Discover Financial Services (Symbol: DFS) and PayPal Holdings, Inc. (Symbol: PYPL)
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| Amount: | $3.9 million
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| Maturity: | Feb. 21, 2020
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| Coupon: | 9%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock falls below 60% knock-in level, in which case shares of worst performing stock equal to $1,000 divided by the initial share price
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| Call: | At par if each stock closes at or above its initial level on any call observation date
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| Initial levels: | $98.67 for Capital One, $78.57 for Discover and $78.295 for PayPal
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| Knock-in levels: | $59.202 for Capital One, $47.142 for Discover and $46.977 for PayPal, 60% of initial levels
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| Pricing date: | Feb. 15
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| Settlement date: | Feb. 21
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JPV6
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