Published on 10/27/2006 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $700,000 of 10% reverse convertibles linked to Valero
By Laura Lutz
Des Moines, Oct. 27 - Credit Suisse (USA), Inc. priced $700,000 of 10% reverse convertible securities due Oct. 31, 2007 linked to Valero Energy Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par unless Valero stock falls below the knock-in price during the life of the notes and finishes below its initial price of $52.86 on Oct. 25, 2007, the valuation date, in which case the payout will be a number of Valero shares equal to $1,000 divided by the initial share price.
Issuer: | Credit Suisse Securities (USA), Inc.
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Issue: | Reverse convertible securities
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Underlying stock: | Valero Energy Corp.
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Amount: | $700,000
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Maturity: | Oct. 31, 2007
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Coupon: | 10%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless Valero stock falls below the knock-in price of $37 during the life the notes and finishes below its initial value, in which case payout will be 18.9179 shares of Valero stock
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Initial price: | $52.86
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Knock-in price: | $37, 70% of $52.86
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Pricing date: | Oct. 26
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Settlement date: | Oct. 31
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Agent: | Credit Suisse Securities (USA) LLC
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Agent's fee: | 1.5%
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