Credit Suisse plans 10.35% contingent coupon autocall reverse converts tied to Sketchers

By Susanna Moon

Chicago, Feb. 14 – Credit Suisse AG, London Branch plans to price contingent coupon callable reverse convertible securities due May 21, 2019 linked to the class A common stock of Sketchers U.S.A., Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent monthly coupon at an annualized rate of 10.35% if the stock closes at or above its 60% coupon barrier on an observation date for that month.

The notes are callable at par on any quarterly observation date.

The payout at maturity will be par unless the stock finishes below its 60% knock-in level, in which case investors will receive a number of Sketchers shares 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.

The notes will price on Feb. 15.

The Cusip number is 22549JPT1.

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