Published on 3/2/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $857,000 8% autocallable reverse convertibles tied to Valeant
By Marisa Wong
Madison, Wis., March 2 – Credit Suisse AG, London Branch priced $857,000 of 8% annualized autocallable reverse convertible securities due Feb. 29, 2016 linked to Valeant Pharmaceuticals International, 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 its initial price on Aug. 24 or Nov. 23, 2015.
The payout at maturity will be par unless the stock ever closes at or below the knock-in price – 65% 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 a number of Valeant shares equal to par divided by the initial share price.
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: | Valeant Pharmaceuticals International, Inc. (Symbol: VRX)
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Amount: | $857,000
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Maturity: | Feb. 29, 2016
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Coupon: | 8%, payable monthly
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Price: | Par
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Payout at maturity: | If stock ever closes at or below knock-in price during life of notes and final share price is less than initial share price, 4.9504951 Valeant shares; otherwise, par
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Call: | At par if stock closes at or above initial price on Aug. 24 or Nov. 23, 2015
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Initial share price: | $202.00
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Barrier price: | $131.30, 65% of initial share price
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Pricing date: | Feb. 24
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Settlement date: | Feb. 27
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.1%
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Cusip: | 22546V4T0
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