Published on 9/6/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.17 million 17.272% autocallable reverse convertibles on four stocks
By Susanna Moon
Chicago, Sept. 6 – Credit Suisse AG, London Branch priced $1.17 million of 17.272% autocallable reverse convertible notes due Aug. 30, 2019 linked to the worst performing of American Depositary Shares of iQIYI, Inc. and the common stocks of First Solar, Inc., Netflix, Inc. and Tesla, 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 quarterly observation date.
The payout at maturity will be par unless any underlying stock finishes below its 50% 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
|
| Issue: | Contingent coupon autocallable reverse convertible notes
|
| Underlying stocks: | iQIYI, Inc. (Symbol: IQ), First Solar, Inc. (Symbol: FSLR), Netflix, Inc. (Symbol: NFLX) and Tesla, Inc. (Symbol: TSLA)
|
| Amount: | $1.17 million
|
| Maturity: | Aug. 30, 2019
|
| Contingent coupon: | 17.272%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock closes at or below barrier, in which case a number of shares of worst performing stock equal to $1,000 divided by the initial share price
|
| Call: | At par plus the coupon if each stock closes at or above initial share price on any quarterly observation date
|
| Initial levels: | $30.50 for iQIYI, $51.94 for First Solar, $368.49 for Netflix and $311.86 for Tesla
|
| Barrier levels: | $15.25 for iQIYI, $25.97 for First Solar, $184.245 for Netflix and $155.93 for Tesla, 50% of initial levels
|
| Pricing date: | Aug. 28
|
| Settlement date: | Aug. 31
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.875%
|
| Cusip: | 22549JWG1
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
