Published on 12/8/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.05 million 37.6% six-month reverse convertible autocalls on stocks
By Susanna Moon
Chicago, Dec. 8 – Credit Suisse AG, London Branch priced $1.05 million of 37.6% annualized autocallable reverse convertible securities due May 30, 2018 linked to the common stock of Overstock.com, Inc. and the class A common stock of Square, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus the coupon if each stock closes at or above its initial level on any review date.
The payout at maturity will be par unless either stock finishes below its 75% knock-in level, in which case investors will receive a number of shares of the worse 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: | Autocallable reverse convertible securities
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| Underlying stocks: | Overstock.com, Inc. (Symbol: OSTK), Square, Inc. (Symbol: )
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| Amount: | $1,051,000
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| Maturity: | May 30, 2018
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| Contingent coupon: | 37.6%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless either stock falls below 75% knock-in level, in which case the lesser of 17.2414 Overstock.com shares or 24.3784 Square shares
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| Call: | At par plus the coupon if shares close at or above initial level on Feb. 26, 2018, March 28, 2018 or April 26, 2018
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| Initial levels: | $58.00 for Overstock, $41.02 for Square
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| Knock-in prices: | $43.50 for Overstock, $30.765 for Square; 75% of initial levels
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| Pricing date: | Nov. 28
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| Settlement date: | Nov. 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.5%
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| Cusip: | 22549JMS6
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