Published on 9/1/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.16 million 9.25% autocallable reverse convertibles on Celgene
By Devika Patel
Knoxville, Tenn., Sept. 1 – Credit Suisse AG, London Branch, priced $2.16 million of 9.25% autocallable reverse convertible securities due Sept. 5, 2017 linked to Celgene Corp. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if Celgene shares close at or above the initial share price on Feb. 27, 2017 or May 30, 2017.
The payout at maturity will be par unless Celgene shares ever close at or below the knock-in price, 75% 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 Celgene 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: | Celgene Corp. (Nasdaq: CELG)
|
| Amount: | $2,163,000
|
| Maturity: | Sept. 5, 2017
|
| Coupon: | 9.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless Celgene stock falls and ever closes at or below knock-in price during life of notes, in which case a number of Celgene shares equal to $1,000 divided by the initial share price
|
| Call: | At par if Celgene shares close at or above initial share price on Feb. 27, 2017 or May 30, 2017
|
| Initial level: | $107.02
|
| Knock-in price: | $80.265, 75% of initial share price
|
| Pricing date: | Aug. 30
|
| Settlement date: | Sept. 2
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.1%
|
| Cusip: | 22549JBD1
|
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