Published on 2/8/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $620,000 autocallable reverse convertibles linked to EOG Resources
By Wendy Van Sickle
Columbus, Ohio, Feb. 8 – Credit Suisse AG, London Branch priced $620,000 of autocallable reverse convertible securities due May 8, 2018 linked to EOG Resources, Inc. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 9% if the shares close at or above their knock-in price, 70% of their initial price, every day that month.
The notes will be called at par if EOG Resources shares close at or above the initial share price on Aug. 3, 2017, Nov. 3, 2017 or Feb. 5, 2018.
The payout at maturity will be par unless EOG Resources shares finish below the knock-in price, in which case investors will receive a number of EOG Resources 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: | EOG Resources, Inc.
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Amount: | $620,000
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Maturity: | May 8, 2018
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Coupon: | 9%, payable monthly if shares close above knock-in price every day that month
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Price: | Par
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Payout at maturity: | Par unless shares finish below knock-in price, in which case a number EOG Resources 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
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Call: | At par if EOG Resources shares close at or above the initial share price on Aug. 3, 2017, Nov. 3, 2017 or Feb. 5, 2018
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Initial price: | $100.94
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Knock-in price: | $70.66, 70% of initial share price
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Pricing date: | Feb. 3
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Settlement date: | Feb. 8
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0.75%
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Cusip: | 22549JED8
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