Published on 6/27/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.31 million 10% autocallable reverse convertibles linked to Tenet
By Wendy Van Sickle
Columbus, Ohio, June 27 – Credit Suisse AG, London Branch priced $1.31 million of 10% autocallable reverse convertible securities due June 28, 2017 linked to the common stock of Tenet Healthcare Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be automatically called at par if Tenet shares close at or above the initial share price on Dec. 22, 2016 or March 23, 2017.
The payout at maturity will be par unless Tenet shares close at or below the knock-in price, 60% of the initial share price, during the life of the notes and finish below the initial share price, in which case investors will receive a number of Tenet 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
|
| Issue: | Autocallable reverse convertible securities
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| Underlying stock: | Tenet Healthcare Corp. (Symbol: THC)
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| Amount: | $1,309,000
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| Maturity: | June 28, 2017
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| Coupon: | 10%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below knock-in price, in which case a number Tenet shares equal to $1,000 divided by the initial level or the cash equivalent
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| Call: | At par if Tenet shares close at or above initial share price on Dec. 22, 2016 or March 23, 2017
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| Initial level: | $29.38
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| Knock-in price: | $17.628, 60% of initial share price
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| Pricing date: | June 23
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| Settlement date: | June 28
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.1%
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| Cusip: | 22549JAC4
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