Credit Suisse plans autocallable reverse convertibles linked to Apple

By Angela McDaniels

Tacoma, Wash., Aug. 5 – Credit Suisse AG, London Branch plans to price 6% to 8% autocallable reverse convertible securities due Aug. 18, 2017 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The exact interest rate will be set at pricing. Interest will be payable monthly.

The notes will be automatically called at par if Apple shares close at or above the initial share price on Feb. 15, 2017 or May 15, 2017.

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.

The notes will price Aug. 15.

The Cusip number is 22549JBB5.

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