Published on 12/19/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $770,000 contingent coupon autocallable reverse convertibles on Amazon
By Wendy Van Sickle
Columbus, Ohio, Dec. 19 – Credit Suisse AG, London Branch priced $770,000 of contingent coupon autocallable reverse convertible securities due March 20, 2019 linked to the common stock of Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 10.5% if the stock closes at or above its 75% knock-in level on a monthly observation date.
The notes will be called at par if the shares close at or above the initial share price on June 15, 2018, Sept. 17, 2018 or Dec. 17, 2018.
The payout at maturity will be par unless the shares finish below the initial level and close below the knock-in level any day during the life of the notes, in which case investors will receive a number of Amazon 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 and Incapital LLC are the agents.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable reverse convertible securities
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Underlying stock: | Amazon.com, Inc.
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Amount: | $770,000
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Maturity: | March 20, 2019
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Coupon: | 10.5%, payable monthly if stock closes at or above knock-in price on a monthly observation date
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Price: | Par
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Payout at maturity: | Par unless Amazon stock finishes below initial level and closes below knock-in price any day during life of notes, in which case a number of shares equal to $1,000 divided by the initial share price
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Call: | At par if Amazon shares close at or above initial share price on June 15, 2018, Sept. 17, 2018 or Dec. 17, 2018
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Initial level: | $1,179.14
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Knock-in price: | $884.355, 75% of initial share price
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Pricing date: | Dec. 15
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Settlement date: | Dec. 20
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Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
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Fees: | 0.75%
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Cusip: | 22549JMY3
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