Published on 8/20/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $431,000 8% autocallable reverse convertibles linked to Alexion
By Susanna Moon
Chicago, Aug. 20 – Credit Suisse AG, London Branch priced $431,000 of 8% autocallable reverse convertible securities due Aug. 22, 2016 linked to Alexion Pharmaceuticals, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be called at par if the stock closes at or above the initial level on either call date.
The payout at maturity will be par unless Alexion stock ever closes at or below the 70% knock-in level during the life of the notes and finishes below the initial level, in which case the payout will be a number of Alexion 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.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Autocallable reverse convertible securities
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Underlying stock: | Alexion Pharmaceuticals, Inc. (Symbol: ALXN)
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Amount: | $431,000
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Maturity: | Aug. 22, 2016
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Coupon: | 8%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Alexion stock closes at or below knock-in price during life of notes and finishes below initial share price, in which case number of Alexion shares equal to $1,000 divided by initial price or cash equivalent
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Call: | At par if Alexion shares close at or above initial share price on Feb. 17, 2016 or May 17, 2016
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Initial level: | $191.22
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Knock-in price: | $133.854, 70% of initial level
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Pricing date: | Aug. 17
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Settlement date: | Aug. 20
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.1%
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Cusip: | 22546VJN7
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