By Toni Weeks
San Luis Obispo, Calif., Nov. 12 – Credit Suisse AG, London Branch priced $2.84 million of trigger phoenix autocallable optimization securities due Nov. 15, 2019 linked to Occidental Petroleum Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Occidental Petroleum stock closes at or above the coupon barrier level – 73.75% of the initial price – on any monthly observation date, the notes will pay a contingent coupon at an annualized rate of 7% for that month.
If the shares close at or above the initial price on any monthly observation date after one year, the notes will be called at par plus the contingent coupon.
If the notes are not called and Occidental Petroleum shares finish at or above the 73.75% trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to losses.
Credit Suisse Securities (USA) LLC is the underwriter with UBS Financial Services Inc. as the dealer.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Trigger phoenix autocallable optimization securities
|
| Underlying stock: | Occidental Petroleum Corp. (Symbol: OXY)
|
| Amount: | $2,839,500
|
| Maturity: | Nov. 15, 2019
|
| Coupon: | 7%, payable monthly if stock closes at or above trigger price on observation date for that month
|
| Price: | Par of $10.00
|
| Payout at maturity: | Par plus contingent coupon if Occidental Petroleum shares finish at or above trigger price; otherwise, par plus stock return
|
| Call: | Automatically at par plus contingent coupon if Occidental Petroleum shares close at or above initial price on any monthly observation date beginning Nov. 9, 2015
|
| Initial share price: | $88.04
|
| Coupon barrier/trigger: | $64.93, 73.75% of initial price
|
| Pricing date: | Nov. 7
|
| Settlement date: | Nov. 13
|
| Underwriter: | Credit Suisse Securities (USA) LLC
|
| Distributor: | UBS Financial Services Inc.
|
| Fees: | 2.5%
|
| Cusip: | 22547T373
|
© 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.
