Published on 11/24/2014 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $2.93 million of 9.25% autocallable reverse convertibles on Gilead
By Jennifer Chiou
New York, Nov. 24 – Credit Suisse AG, London Branch priced $2,925,000 of 9.25% autocallable reverse convertible securities due Nov. 25, 2015 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 either trigger observation date: May 20 or Aug. 20, 2015.
If the notes are not called, the payout at maturity will be par unless Gilead stock closes at or below the knock-in price, 70% of the initial share price, during the life of the notes and finishes below the initial share price, in which case the payout will be par plus the stock return with full exposure to losses.
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. (Symbol: GILD)
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Amount: | $2,925,000
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Maturity: | Nov. 25, 2015
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Coupon: | 9.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Gilead stock falls to or below knock-in price during life of notes and finishes below initial share price, in which case par plus stock return
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Call: | At par if closing share price is at or above initial share price on either May 20 or Aug. 20, 2015
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Initial share price: | $100.59
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Knock-in price: | $70.413, 70% of initial share price
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Pricing date: | Nov. 20
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Settlement date: | Nov. 25
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.1%
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Cusip: | 22547QWQ5
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