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Prospect News home > News index > List of issuers C > Headlines for Credit Suisse AG, London Branch > News item |
Credit Suisse plans contingent 9.45% autocallable reverse convertibles tied to Apple
By Susanna Moon
Chicago, Sept. 15 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable reverse convertible securities due Dec. 27, 2018 linked to Apple Inc. 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 9.45% if the stock closes at or above its 75% coupon barrier on an observation date for that month.
The notes will be called at par if Apple shares close at or above its initial level on March 22, 2018, June 22, 2018 or Sept. 24, 2018.
The payout at maturity will be par unless the shares finish below the initial level and ever close below its 75% knock-in level any day during the life of the notes, 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, the cash equivalent.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price on Sept. 22 and settle on Sept. 27.
The Cusip number is 22549JKM1.
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