Published on 8/13/2014 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $530,000 8.5% autocallable reverse convertibles tied to VMware
By Marisa Wong
Madison, Wis., Aug. 13 – Credit Suisse AG, London Branch priced $530,000 of 8.5% autocallable reverse convertible securities due Aug. 14, 2015 linked to the common stock of VMware, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par on Jan. Feb. 11, 2015 or May 11, 2015 if the closing price is greater than the initial share price.
If the notes are not called, the payout at maturity will be par in cash unless VMware shares close at or below 75% of the initial price during the life of the notes and finish below the initial share price, in which case investors will receive a number of VMware shares equal to $1,000 divided by the initial share price or, at the issuer’s option, a cash amount 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: | VMware, Inc. (Symbol: VMW)
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| Amount: | $530,000
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| Maturity: | Aug. 14, 2015
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| Coupon: | 8.5%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par in cash unless VMware shares close to or below knock-in price during the life of the notes and finish below the initial price, in which case 9.98104 VMware shares
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| Initial price: | $100.19
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| Knock-in price: | $75.143, 75% of initial share price
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| Call: | At par plus accrued interest on Feb. 11, 2015 or May 11, 2015 if stock closes at or above initial price
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| Pricing date: | Aug. 11
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| Settlement date: | Aug. 14
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.1%
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| Cusip: | 22547QRP3
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