By Kiku Steinfeld
Chicago, March 29 – Credit Suisse AG, London Branch priced $2.03 million of 8.1% contingent coupon autocallable reverse convertible securities due March 14, 2024 linked to the least performing of the stocks of ConocoPhillips and McDonald’s Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly if each stock closes above its coupon barrier, 55% of its initial level, on the related observation date.
The notes will be called at par if the shares of the least performing stock close at or above its initial price on any quarterly trigger observation date.
The payout at maturity will be par unless either of the stocks finishes below its 55% knock-in level, in which case investors will receive a number of shares of the least performing stock 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.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable reverse convertible securities
|
| Underlying stocks: | ConocoPhillips and McDonald’s Corp.
|
| Amount: | $2,027,000
|
| Maturity: | March 14, 2024
|
| Coupon: | 8.1% per year, payable quarterly if each stock closes above coupon barrier on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either stock finishes below knock-in price, in which case shares of least performing stock equal to $1,000 divided by initial share price or amount in cash equal to value of those shares
|
| Call: | At par plus the coupon if each shares close at or above initial share price on any quarterly trigger observation date
|
| Initial prices: | $59.83 for ConocoPhillips, $211.57 for McDonald’s
|
| Coupon barrier/knock-in levels: | $32.9065 for ConocoPhillips, $116.3635 for McDonald’s; 55% of initial levels
|
| Pricing date: | March 11
|
| Settlement date: | March 16
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 3%
|
| Cusip: | 22550MRP6
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
