Published on 7/14/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $669,000 7% autocallable reverse convertibles tied to CSX
By Wendy Van Sickle
Columbus, Ohio, June 29 – Credit Suisse AG, London Branch priced $669,000 of 7% autocallable reverse convertible securities due July 17, 2017 linked to CSX Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if the stock closes at or above the initial level on Jan. 11, 2017 or April 11, 2017.
The payout at maturity will be par unless the stock finishes below its initial level and ever closes below the 70% knock-in level during the life of the notes, in which case investors will receive a number of CSX shares equal to $1,000 divided by the initial level 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: | CSX Corp. (Symbol: CSX)
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Amount: | $669,000
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Maturity: | July 17, 2017
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Coupon: | 7%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless CSX stock falls and ever closes at or below knock-in price during life of notes, in which case a number of CSX shares equal to $1,000 divided by the initial share price, or cash equivalent
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Call: | At par if CSX shares close at or above initial share price on Jan. 11, 2017 or April 11, 2017
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Initial level: | $27.02
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Knock-in price: | $18.914, 70% of initial share price
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Pricing date: | July 12
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Settlement date: | July 15
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Agent: | Credit Suisse
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Fees: | 2.1%
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Cusip: | 22549JAS9
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