Published on 5/29/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $3 million 10.25% autocallable reverse convertibles on GoPro
By Toni Weeks
San Luis Obispo, Calif., May 29 – Credit Suisse AG, London Branch priced $3 million of 10.25% autocallable reverse convertible securities due May 31, 2016 linked to GoPro, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if the stock closes at or above its initial price on Nov. 24 or Feb. 24, 2016.
The payout at maturity will be par unless the stock ever closes at or below the knock-in price – 60% of the initial share price – during the life of the notes and finishes below the initial share price, in which case the payout will be a number of GoPro shares equal to par divided by the initial share price.
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: | GoPro, Inc. (Symbol: GPRO)
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Amount: | $3,001,000
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Maturity: | May 31, 2016
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Coupon: | 10.25%, payable monthly
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Price: | Par
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Payout at maturity: | If stock ever closes at or below knock-in price during life of notes and final share price is less than initial share price, GoPro shares equal to par divided by the initial share price; otherwise, par
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Call: | At par if stock closes at or above initial price on Nov. 24 or Feb. 24, 2016
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Initial share price: | $53.41
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Barrier price: | $32.046, 60% of initial share price
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Pricing date: | May 26
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Settlement date: | May 29
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.1%
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Cusip: | 22546VDZ6
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