Published on 7/12/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $410,000 10% autocallable reverse convertibles tied to Amazon
By Wendy Van Sickle
Columbus, Ohio, July 12 – Credit Suisse AG, London Branch priced $410,000 of 10% autocallable reverse convertible securities due July 13, 2017 linked to Amazon.com, Inc. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if Amazon shares close at or above the initial share price on Jan. 10, 2017 or April 10, 2017.
The payout at maturity will be par unless Amazon shares ever close at or below the knock-in price, 70% 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 Amazon shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
Credit Suisse is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Autocallable reverse convertible securities
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Underlying stock: | Amazon.com, Inc. (Symbol: AMZN)
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Amount: | $410,000
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Maturity: | July 13, 2017
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Amazon stock falls and ever closes at or below knock-in price during life of notes, in which case a number of Amazon shares equal to $1,000 divided by the initial share price, or cash equivalent
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Call: | At par if Amazon shares close at or above initial share price on Jan. 10, 2017 or April 10, 2017
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Initial level: | $745.81
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Knock-in price: | $522.067, 70% of initial share price
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Pricing date: | July 8
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Settlement date: | July 13
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Agent: | Credit Suisse
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Fees: | 0.6%
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Cusip: | 22549JAR1
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