Published on 1/21/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $162,000 autocallable reverse convertibles on Vertex
By Wendy Van Sickle
Columbus, Ohio, Jan. 21 – Credit Suisse AG, London Branch priced $162,000 of 11% autocallable reverse convertible securities due Jan. 23, 2017 linked to the common stock of Vertex Pharmaceuticals Inc., 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 Vertex shares close at or above the initial share price on July 19, 2016 and Oct. 19, 2016.
The payout at maturity will be par unless Vertex 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 Vertex 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: | Vertex Pharmaceuticals Inc. (Symbol: VRTX)
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| Amount: | $162,000
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| Maturity: | Jan. 23, 2017
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| Coupon: | 11%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless Vertex stock closes at or below knock-in price during life of notes and finishes below initial share price, in which case Vertex shares equal to $1,000 divided by the initial share price or equivalent cash amount at issuer’s option
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| Call: | At par if Vertex shares close at or above initial share price on July 19, 2016 and October 19, 2016
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| Initial share price: | $94.99
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| Knock-in price: | $56.994, 60% of initial share price
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| Pricing date: | Jan. 19
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| Settlement date: | Jan. 22
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.2%
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| Cusip: | 22546VTW6
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