Published on 2/24/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.04 million autocallable reverse convertibles on Apple
By Tali Rackner
Norfolk, Va., Feb. 24 – Credit Suisse AG, London Branch priced $1.04 million of 9% autocallable reverse convertible securities due Feb. 24, 2017 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if Apple shares close at or above the initial share price on either of two call dates.
The payout at maturity will be par unless Apple shares 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, 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 stock: | Apple, Inc. (Nasdaq: AAPL)
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Amount: | $1,044,000
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Maturity: | Feb. 24, 2017
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Coupon: | 9%, payable monthly
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Price: | Par of $1,000
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Payout at maturity: | Par unless Apple stock finishes at or below knock-in price, in which case Apple shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent
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Call: | At par if Apple shares close at or above initial share price on Aug. 19 or Nov. 21, 2016
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Initial level: | $96.04
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Knock-in price: | $72.03, 75% of initial share price
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Pricing date: | Feb. 19
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Settlement date: | Feb. 24
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.3%
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Cusip: | 22546VW36
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