Published on 3/7/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $500,000 10% reverse convertibles linked to three stocks
By Angela McDaniels
Tacoma, Wash., March 7 – Credit Suisse AG, London Branch priced $500,000 of 10% autocallable reverse convertible securities due March 9, 2020 linked to the lowest performing of the American Depositary Shares of JD.com, Inc., the class A subordinate voting shares of Shopify 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.
Beginning June 5, the notes will be automatically called at par if each stock closes at or above its initial share price on any monthly trigger observation date.
The payout at maturity will be par unless any stock finishes below its knock-in level, 50% of its initial share price, in which case the payout will be a number of shares of the lowest-performing stock equal to $1,000 divided by that stock’s initial share price.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable reverse convertible securities
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| Amount: | $500,000
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| Underlying stocks: | JD.com, Inc. American Depositary Shares (Symbol: JD), Shopify Inc. class A subordinate voting shares (Symbol: SHOP) and Square, Inc. class A common stock (Symbol: SQ)
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| Maturity: | March 9, 2020
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| Coupon: | 10%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in level, in which case payout number of shares of lowest-performing stock equal to $1,000 divided by that stock’s initial share price
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| Call: | Beginning June 5, notes will be automatically called at par if each stock closes at or above initial share price on any monthly trigger observation date
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| Initial share prices: | $29.35 for JD.com, $187.50 for Shopify and $76.04 for Square
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| Knock-in levels: | $14.675 for JD.com, $93.75 for Shopify and $38.02 for Square; 50% of initial share prices
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| Pricing date: | March 5
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| Settlement date: | March 7
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JF88
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