Published on 12/17/2013 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.56 million 9% autocallable reverse convertibles on Gilead
By Jennifer Chiou
New York, Dec. 17 - Credit Suisse AG, London Branch priced $1,557,000 of 9% autocallable reverse convertible notes due Dec. 18, 2014 linked to Gilead Sciences, 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 the stock closes at or above the initial share price on any interest payment date.
The payout at maturity will be par unless Gilead Sciences shares fall and ever close below the 75% knock-in level during the life of the notes, in which case the payout will be $1,000 divided by the initial share price.
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: | Gilead Sciences, Inc. (Nasdaq: GILD)
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Amount: | $1,557,000
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Maturity: | Dec. 18, 2014
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Gilead Sciences stock falls below knock-in price during life of notes and finishes below initial share price, in which case 14.0056 Gilead Sciences shares
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Call: | At par if closing share price on any quarterly observation date is at or above initial share price
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Initial share price: | $71.40
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Knock-in price: | $53.55, 75% of initial share price
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Pricing date: | Dec. 13
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Settlement date: | Dec. 18
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.1%
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Cusip: | 22547QEL6
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