Published on 8/15/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.38 million 11.25% autocallable reverse convertibles linked to Twitter
By Angela McDaniels
Tacoma, Wash., Aug. 15 – Credit Suisse AG, London Branch priced $1.38 million of 11.25% autocallable reverse convertible securities due Aug. 16, 2017 linked to the common stock of Twitter, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if Twitter shares close at or above the initial share price on Feb. 13, 2017 or May 11, 2017.
The payout at maturity will be par unless Twitter shares close at or below the knock-in price, 50% 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 Twitter 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: | Twitter, Inc. (Symbol: TWTR)
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| Amount: | $1,375,000
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| Maturity: | Aug. 16, 2017
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| Coupon: | 11.25%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless Twitter stock closes at or below knock-in price during life of notes and finishes below initial share price, in which case 50.55611 Twitter shares or amount in cash equal to value of those shares
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| Call: | At par if Twitter shares close at or above initial share price on Feb. 13, 2017 or May 11, 2017
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| Initial share price: | $19.78
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| Knock-in price: | $9.89, 50% of initial share price
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| Pricing date: | Aug. 11
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| Settlement date: | Aug. 16
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.1%
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| Cusip: | 22549JAZ3
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