Published on 4/19/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $300,000 6.25% autocallable reverse convertibles tied to BofA
By Wendy Van Sickle
Columbus, Ohio, April 19 – Credit Suisse AG, London Branch priced $300,000 of 6.25% autocallable reverse convertible securities due April 24, 2017 linked to the common stock of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par if Bank of America shares close at or above the initial share price on any quarterly observation date.
The payout at maturity will be par unless the shares close at or below the knock-in price, 75% of the initial share price, in which case investors will receive a number of Bank of America 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: | Bank of America Corp. (Symbol: BAC)
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Amount: | $300,000
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Maturity: | April 24, 2017
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Coupon: | 6.25%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless stock finishes below knock-in price, in which case a number of Bank of America shares equal to $1,000 divided by the initial level or the cash equivalent
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Call: | At par if Bank of America shares close at or above initial share price on July 15, Oct. 17 and Jan. 13, 2017
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Initial level: | $14.00
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Knock-in price: | $10.50, 75% of initial share price
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Pricing date: | April 15
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Settlement date: | April 22
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 1.5%
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Cusip: | 22548Q3T0
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