Published on 9/22/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $582,000 9% autocallable reverse convertibles linked to Expedia
By Susanna Moon
Chicago, Sept. 22 – Credit Suisse AG, London Branch priced $582,000 of 9% autocallable reverse convertible notes due Sept. 22, 2016 linked to Expedia Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be called at par if Expedia stock closes at or above the initial share price on either call date.
The payout at maturity will be par unless the stock ever closes below the 65% knock-in level during the life of the notes and the stock finishes below its initial level, in which case investors will receive a number of Expedia 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: | Expedia Inc. (Symbol: EXPE)
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Amount: | $582,000
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Maturity: | Sept. 22, 2016
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Expedia stock closes at or below knock-in price during life of notes and finishes below initial share price, in which case number of Expedia shares equal to $1,000 divided by initial price or cash equivalent
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Call: | At par if Expedia shares close at or above initial share price on March 17, 2016 or June 17, 2016
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Initial price: | $128.83
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Knock-in price: | 65% of initial price
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Pricing date: | Sept. 17
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Settlement date: | Sept. 22
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.1%
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Cusip: | 22546VM78
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