Published on 10/19/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.15 million of 8.5% autocallable reverse convertibles on Amazon
By Wendy Van Sickle
Columbus, Ohio, Oct. 19 – Credit Suisse AG, London Branch, priced $1.15 million of 8.5% autocallable reverse convertible securities due Oct. 20, 2017 linked to Amazon.com, Inc. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if Amazon shares close at or above the initial share price on April 17, 2017 or July 17, 2017.
The payout at maturity will be par unless Amazon shares ever close at or below the knock-in price, 75% 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 Amazon 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: | Amazon.com, Inc. (Symbol: AMZN)
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Amount: | $1,145,000
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Maturity: | Oct. 20, 2017
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Coupon: | 8.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Amazon stock falls and ever closes at or below knock-in price during life of notes, in which case a number of Amazon shares equal to $1,000 divided by the initial share price
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Call: | At par if Amazon shares close at or above initial share price on April 17, 2017 or July 17, 2017
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Initial level: | $812.95
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Knock-in price: | $609.7125, 75% of initial share price
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Pricing date: | Oct. 17
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Settlement date: | Oct. 20
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.1%
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Cusip: | 22549JCL2
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