Published on 7/23/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $875,000 11% autocallable reverse convertibles linked to GoPro
By Toni Weeks
San Luis Obispo, Calif., July 23 – Credit Suisse AG, London Branch priced $875,000 of 11% autocallable reverse convertible securities due July 25, 2016 linked to the class A common stock of GoPro, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be called at par if the stock closes at or above the initial level on Jan. 20, 2016 or April 20, 2016.
The payout at maturity will be par unless GoPro stock ever closes at or below the 60% knock-in level during the life of the notes and finishes below the initial level, in which case the payout will be a number of GoPro shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable reverse convertible securities
|
| Underlying stock: | GoPro, Inc. (Symbol: GPRO)
|
| Amount: | $875,000
|
| Maturity: | July 25, 2016
|
| Coupon: | 11%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless GoPro stock closes at or below knock-in price during life of notes and finishes below initial share price, in which case number of GoPro shares equal to $1,000 divided by initial price or cash equal to value of those shares
|
| Call: | At par if GoPro shares close at or above initial share price on Jan. 20, 2016 or April 20, 2016
|
| Initial share price: | $62.04
|
| Knock-in price: | $37.224, 60% of initial share price
|
| Pricing date: | July 21
|
| Settlement date: | July 24
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.1%
|
| Cusip: | 22546VHB5
|
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