Published on 11/23/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $452,000 9% autocallable reverse convertibles tied to Palo Alto
By Marisa Wong
Morgantown, W.Va., Nov. 23 – Credit Suisse AG, London Branch priced $452,000 of 9% autocallable reverse convertible securities due Nov. 21, 2016 linked to the common stock of Palo Alto Networks, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if Palo Alto shares close at or above the initial share price on May 17, 2016 or Aug. 17, 2016.
The payout at maturity will be par unless Palo Alto shares close at or below the knock-in price, 65% of the initial share price, on any day during the life of the notes and finish below the initial share price, in which case investors will receive a number of Palo Alto shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
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: | Palo Alto Networks, Inc. (Symbol: PANW)
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| Amount: | $452,000
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| Maturity: | Nov. 21, 2016
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| Coupon: | 9%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless Palo Alto stock closes at or below knock-in price during life of notes and finishes below initial share price, in which case number of Palo Alto shares equal to $1,000 divided by the initial share price or amount in cash equal to value of those shares
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| Call: | At par if Palo Alto shares close at or above initial share price on May 17, 2016 or Aug. 17, 2016
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| Initial share price: | $163.17
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| Knock-in price: | $106.0605, 65% of initial share price
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| Pricing date: | Nov. 17
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| Settlement date: | Nov. 20
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.2%
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| Cusip: | 22546VQ90
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