Published on 3/16/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $699,000 autocallable reverse convertibles on three stocks
By Wendy Van Sickle
Columbus, Ohio, March 16 – Credit Suisse AG, London Branch priced $699,000 of 15% autocallable reverse convertible securities due March 19, 2019 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Grubhub Inc., RH and RingCentral, Inc.
The notes will be called at par if the shares of the least performing stock close at or above their initial price on a quarterly observation date.
The payout at maturity will be par unless any of the stocks finishes below its 55% knock-in level, in which case investors will receive a number of shares of the least performing stock equal to $1,000 divided by the 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: | Autocallable reverse convertible securities
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| Underlying stocks: | Grubhub Inc., RH and RingCentral, Inc.
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| Amount: | $699,000
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| Maturity: | March 19, 2019
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| Coupon: | 15% per year, payable monthly
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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 shares of least performing stock equal to $1,000 divided by initial share price or amount in cash equal to value of those shares
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| Call: | At par plus the coupon if shares close at or above initial share price on any quarterly trigger observation date
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| Initial prices: | $110.89 Grubhub Inc., $76.55 for RH, $68.10 for RingCentral
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| Knock-in levels: | $60.9895 Grubhub Inc., $42.1025 for RH, $37.455 for RingCentral; 55% of initial levels
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| Pricing date: | March 15
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| Settlement date: | March 19
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JRS1
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