Published on 3/20/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $685,000 20% autocallable reverse convertibles on three stocks
By Wendy Van Sickle
Columbus, Ohio, March 20 – Credit Suisse AG, London Branch priced $685,000 of 20% autocallable reverse convertible securities due March 23, 2020 linked to the lowest performing of the common stocks of eHealth, Inc., Quidel Corp. and Teladoc Health, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
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 beginning June 19.
The payout at maturity will be par unless any stock finishes below its knock-in price, 65% of its initial share price, in which case investors will receive a number of shares of the worst-performing stock equal to $1,000 divided by that stock’s 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
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| Issue: | Autocallable reverse convertible securities
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| Underlying stocks: | eHealth, Inc., Quidel Corp. and Teladoc Health, Inc.
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| Amount: | $685,000
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| Maturity: | March 23, 2020
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| Coupon: | 20%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in price, in which case number of shares of worst-performing stock equal to $1,000 divided by that stock’s initial share price or, at issuer’s option, amount in cash equal to value of those shares
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| Call: | After three months, automatically 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: | $56.68 for eHealth, $67.39 for Quidel and $63.12 for Teladoc
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| Knock-in prices: | $36.842 for eHealth, $43.8035 for Quidel and $41.028 for Teladoc; 65% of initial share prices
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| Pricing date: | March 19
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| Settlement date: | March 21
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JH45
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