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Credit Suisse plans 6% reverse convertibles linked to SPDR S&P 500
By Jennifer Chiou
New York, Aug. 23 - Credit Suisse, Nassau Branch plans to price 6% annualized reverse convertible securities due Nov. 29, 2010 linked to the SPDR S&P 500 exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless the fund's shares fall below 84% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of the fund's shares equal to $1,000 divided by the initial price.
The notes (Cusip 22546EXA7) are expected to price on Aug. 24 and settle on Aug. 27.
Credit Suisse Securities (USA) LLC is the agent.
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