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Credit Suisse plans 8%-10% autocallable reverse convertibles on Apple
By Susanna Moon
Chicago, Dec. 29 – Credit Suisse AG, London Branch plans to price 8% to 10% autocallable reverse convertible securities due Jan. 17, 2017 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if Apple shares close at or above the initial share price on July 12, 2016 or Oct. 12, 2016.
The payout at maturity will be par unless Apple shares close at or below the knock-in level, 75% of the initial share price, on any day during the life of the notes and finish below the initial share price, 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 Jan. 12 and settle on Jan. 15.
The Cusip number is 22546VTA4.
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