Credit Suisse plans autocallable reverse convertibles linked to BofA

By Angela McDaniels

Tacoma, Wash., Jan. 6 – Credit Suisse AG, London Branch plans to price autocallable reverse convertible securities due Jan. 22, 2018 linked to the common stock of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is expected to be 8% to 10% and will be set at pricing. Interest will be payable monthly.

The notes will be automatically called at par if Bank of America shares close at or above the initial share price on July 17, 2017 or Oct. 17, 2017

The payout at maturity will be par unless Bank of America shares close at or below the knock-in price, 70% 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 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.

The notes will price Jan. 17.

The Cusip number is 22549JDS6.

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