Published on 11/13/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $550,000 11.05% autocallable reverse convertibles on Lam, Alibaba, Snap
By Wendy Van Sickle
Columbus, Ohio, Nov. 13 – Credit Suisse AG, London Branch priced $550,000 of 11.05% autocallable reverse convertible securities due Nov. 8, 2018 linked to the lowest performing of the common stock of Lam Research Corp., the class A common stock of Snap Inc. and the American Depository shares of Alibaba Group Holding Ltd.., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Beginning Feb. 6, 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.
The payout at maturity will be par unless any stock finishes below its knock-in price, 55% 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: | Alibaba Group Holding Ltd., Lam Research Corp. and Snap Inc.
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Amount: | $550,000
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Maturity: | Nov. 8, 2018
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Coupon: | 11.05%, 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: | Beginning Feb. 6, 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: | $206.67 for Lam, $14.83 for Snap and $187.84 for Alibaba
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Knock-in prices: | $113.6685 for Lam, $8.1565 for Snap and $103.312 for Alibaba; 55% of initial share price
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Pricing date: | Nov. 6
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Settlement date: | Nov. 8
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.875%
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Cusip: | 22549JLW8
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