Published on 1/30/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $7.64 million 6.3% autocallable reverse convertibles on Apple
By Devika Patel
Knoxville, Tenn., Jan. 30 – Credit Suisse AG, London Branch, priced $7.64 million of 6.3% autocallable reverse convertible securities due April 30, 2019 linked to Apple Inc. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if Apple shares close at or above the initial share price on July 26, 2018, Oct. 26, 2018 or Jan. 28, 2019.
The payout at maturity will be par unless Apple shares ever close at or below the knock-in price, 75% of the initial share price, during the life of the notes and finish below the initial share price, in which case investors will receive a number of Apple 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 and Incapital LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable reverse convertible securities
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| Underlying stock: | Apple Inc. (Symbol: AAPL)
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| Amount: | $7,642,000
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| Maturity: | April 30, 2019
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| Coupon: | 6.3%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless Apple stock falls and ever closes at or below knock-in price during life of notes, in which case a number of Apple shares equal to $1,000 divided by the initial share price
|
| Call: | At par if Apple shares close at or above initial share price on July 26, 2018, Oct. 26, 2018 or Jan. 28, 2019
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| Initial level: | $171.51
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| Knock-in price: | $128.6325, 75% of initial share price
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 31
|
| Agent: | Credit Suisse Securities (USA) LLC and Incapital LLC
|
| Fees: | 2.25%
|
| Cusip: | 22549JNN6
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