By Sarah Lizee
Olympia, Wash., Oct. 17 – Credit Suisse AG, London Branch priced $639,000 of contingent coupon autocallable reverse convertible securities due Jan. 21, 2020 linked to Nvidia Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 8.25% if the underlying stock closes at or above its 60% coupon barrier on the observation date for that month.
The notes will be called at par if the stock closes at or above its initial level on any quarterly review date after six months.
The payout at maturity will be par unless the stock finishes below its initial level and ever closes below its 60% knock-in level during the life of the notes, in which case investors will receive a number of 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 is the underwriter.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable reverse convertible securities
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Underlying stock: | Nvidia Corp.
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Amount: | $639,000
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Maturity: | Jan. 21, 2020
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Coupon: | 8.25%, payable monthly if stock closes at or above knock-in price on a monthly observation date
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Price: | Par
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Payout at maturity: | Par unless stock finishes below initial level and closes below knock-in price any day during life of notes, in which case a number of shares equal to $1,000 divided by the initial share price
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Call: | At par if shares close at or above initial share price on any quarterly review date after six months
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Initial level: | $235.38
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Coupon barrier/Knock-in level: | $141.228, 60% of initial share price
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Pricing date: | Oct. 15
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Settlement date: | Oct. 18
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.25%
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Cusip: | 22549JYC8
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