Published on 6/1/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $2.26 million 7.5% autocallable reverse convertibles on Gilead
By Marisa Wong
Madison, Wis., June 1 – Credit Suisse AG, London Branch priced $2.26 million of 7.5% autocallable reverse convertible securities due Aug. 29, 2016 linked to the common stock of Gilead Sciences, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be called at par if Gilead shares close at or above the initial share price on Nov. 24, Feb. 24, 2016 or May 25, 2016.
The payout at maturity will be par unless Gilead shares 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 Gilead shares equal to $1,000 divided by the initial share price.
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: | Gilead Sciences, Inc. (Symbol: GILD)
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Amount: | $2,263,000
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Maturity: | Aug. 29, 2016
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Coupon: | 7.5%, payable monthly
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Price: | Par
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Payout at maturity: | If stock ever closes at or below knock-in price during life of notes and final share price is less than initial share price, Gilead shares equal to par divided by the initial share price; otherwise, par
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Call: | At par if stock closes at or above initial price on Nov. 24, Feb. 24, 2016 or May 25, 2016
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Initial share price: | $109.77
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Knock-in price: | $76.839, 70% of initial share price
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Pricing date: | May 26
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Settlement date: | May 29
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.4%
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Cusip: | 22546VD60
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