Credit Suisse eyes contingent coupon autocallable reverse convertibles on Stitch Fix

By Sarah Lizee

Olympia, Wash., Dec. 4 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable reverse convertible securities due March 11, 2021 linked to the common stock of Stitch Fix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly at an annual rate of 18% if the stock closes at or above its 45% knock-in level on a quarterly observation date.

After six months, the notes will be called at par plus the coupon if the shares close at or above the initial share price on any quarterly trigger observation date.

The payout at maturity will be par unless the shares finish below the knock-in level, in which case investors will receive a number of shares 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.

The notes will price on Dec. 6.

The Cusip number is 22549JZ94.

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