New Issue: Credit Suisse prices $755,000 10.5% autocallable reverse convertibles on Skechers

By Wendy Van Sickle

Columbus, Ohio, July 22 – Credit Suisse AG, London Branch priced $755,000 of 10.5% autocallable reverse convertible securities due July 25, 2017 linked to Skechers U.S.A., Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be called at par if the stock closes at or above the initial level on Jan. 20, 2017 or April 20, 2017.

The payout at maturity will be par unless the stock finishes below its initial level and ever closes below the 65% knock-in level during the life of the notes, in which case investors will receive a number of Skechers shares equal to $1,000 divided by the initial level or, at the issuer’s option, the cash equivalent.

Credit Suisse Securities (USA) LLC is the agent.

Issuer:	Credit Suisse AG, London Branch
Issue:	Callable reverse convertible notes
Underlying stock:	Skechers U.S.A. Inc. (Symbol: SKX)
Amount:	$755,000
Maturity:	July 25, 2017
Coupon:	10.5%, payable monthly
Price:	Par
Payout at maturity:	Par unless final share price is less than initial share price and stock closes below knock-in level on any day during life of notes, in which case Skechers shares or, at issuer’s option, amount in cash equal to value of those shares
Call option:	At par on Jan. 20, 2017 or April 20, 2017
Initial share price:	$32.28
Knock-in price:	$20.982, 65% of initial share price
Pricing date:	July 20
Settlement date:	July 25
Agent:	Credit Suisse Securities (USA) LLC
Fees:	2.1%
Cusip:	22549JAW0

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