Published on 4/21/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.54 million 8.5% autocallable reverse convertibles linked to United Continental
By Wendy Van Sickle
Columbus, Ohio, April 21 – Credit Suisse AG, London Branch priced $1.54 million of 8.5% autocallable reverse convertible securities due July 24, 2018 linked to the common stock of United Continental Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if United Continental shares close at or above the initial share price on Oct. 19, 2017, Jan. 19, 2018 or April 19, 2018.
The payout at maturity will be par unless United Continental shares close at or below the knock-in price, 65% 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 United Continental shares 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 and Incapital LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable reverse convertible securities
|
| Underlying stock: | United Continental Holdings, Inc.
|
| Amount: | $1,543,000
|
| Maturity: | July 24, 2018
|
| Coupon: | 8.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless United Continental stock closes at or below knock-in price during life of notes and finishes below initial share price, in which case 14.0845 United Continental shares or amount in cash equal to value of those shares
|
| Call: | At par if shares close at or above initial share price on Oct. 19, 2017, Jan. 19, 2018 or April 19, 2018
|
| Initial share price: | $69.29
|
| Knock-in price: | $45.0385, or 65% of initial share price
|
| Pricing date: | April 19
|
| Settlement date: | April 24
|
| Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
|
| Fees: | 2.5%
|
| Cusip: | 22549JFR6
|
|
|
© 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.
