Published on 11/14/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $790,000 autocallable reverse convertibles on bluebird bio, Lumentum
By Wendy Van Sickle
Columbus, Ohio, Nov. 14 – Credit Suisse AG, London Branch priced $790,000 of 15.1% autocallable reverse convertible securities due Nov. 14, 2018 linked to least performing of two stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are bluebird bio, Inc. and Lumentum Holdings Inc.
Credit Suisse will pay the coupon monthly.
The notes will be called at par if the shares of the least performing stock close at or above their initial price on a monthly observation date beginning Feb. 12, 2018.
The payout at maturity will be par unless either of the stocks finishes below its 50% 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
|
| Issue: | Autocallable reverse convertible securities
|
| Underlying stocks: | bluebird bio, Inc. and Lumentum Holdings Inc.
|
| Amount: | $790,000
|
| Maturity: | Nov. 14, 2018
|
| Coupon: | 15.1%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless either 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
|
| Call: | At par plus the coupon if shares close at or above initial share price on any monthly trigger observation date beginning Feb 12, 2018
|
| Initial share prices: | $151.75 for bluebird bio, $57.15 for Lumentum
|
| Knock-in prices: | $75.875 for bluebird bio, $28.575 for Lumentum, or 50% of initial share prices
|
| Pricing date: | Nov. 10
|
| Settlement date: | Nov. 14
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.875%
|
| Cusip: | 22549JLZ1
|
|
|
© 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.
