Published on 4/9/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.72 million autocallable reverse convertibles on four stocks
By Wendy Van Sickle
Columbus, Ohio, April 9 – Credit Suisse AG, London Branch priced $1.72 million of 23% autocallable reverse convertible securities due March 29, 2019 linked to least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are bluebird bio, Inc., Snap Inc., Tripadvisor, Inc. and Twilio 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 quarterly observation date.
The payout at maturity will be par unless any of the stocks finishes below its 60% 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., Snap Inc., Tripadvisor, Inc. and Twilio Inc.
|
Amount: | $1.72 million
|
Maturity: | March 29, 2019
|
Coupon: | 23%, payable monthly
|
Price: | Par
|
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
|
Call: | At par plus the coupon if shares close at or above initial share price on any quarterly trigger observation date
|
Initial share prices: | $175.20 for bluebird bio, $16.20 for Snap, $40.33 for Tripadvisor, $38.73 for Twilio
|
Knock-in prices: | $105.12 for bluebird bio, $9.72 for Snap, $24.198 for Tripadvisor, $23.238 for Twilio; or 60% of initial share prices
|
Pricing date: | March 27
|
Settlement date: | March 29
|
Agent: | Credit Suisse Securities (USA) LLC
|
Fees: | 2.875%
|
Cusip: | 22549JSE1
|
|
© 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.