Published on 6/18/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $324,000 contingent coupon reverse convertibles linked to Apple
By Angela McDaniels
Tacoma, Wash., June 18 – Credit Suisse AG, London Branch priced $324,000 of contingent coupon autocallable reverse convertible securities due Sept. 21, 2020 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a coupon at the rate of 8.55% per year if Apple stock closes at or above the knock-in price, 70% of the initial share price, on the observation date for that quarter.
The notes will be automatically called at par if Apple shares close at or above the initial share price on Dec. 16, 2019, March 16, 2020 or June 16, 2020.
The payout at maturity will be par unless Apple shares close below the knock-in price on any day 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, 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: | Contingent coupon autocallable reverse convertible securities
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Underlying stock: | Apple Inc. (Symbol: AAPL)
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Amount: | $324,000
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Maturity: | Sept. 21, 2020
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Coupon: | 8.55% per year, payable quarterly if stock closes at or above knock-in price on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless stock closes below knock-in price on any day during life of notes and finishes below initial share price, in which case number of Apple shares equal to $1,000 divided by initial share price or, at issuer’s option, amount in cash equal to value of those shares
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Call: | Automatically at par if Apple shares close at or above initial share price on Dec. 16, 2019, March 16, 2020 or June 16, 2020.
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Initial share price: | $192.74
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Knock-in price: | $134.918, 70% of initial share price
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Pricing date: | June 14
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Settlement date: | June 19
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0.75%
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Cusip: | 22549JN97
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