Published on 3/25/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.47 million 8% autocallable reverse convertibles tied to Delta
By Toni Weeks
San Luis Obispo, Calif., March 25 – Credit Suisse AG, London Branch priced $1.47 million of 8% autocallable reverse convertible securities due March 28, 2016 linked to Delta Air Lines, Inc. shares, 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 share price on Sept. 23 or Dec. 22, 2015.
If the notes are not called, the payout at maturity will be par unless Delta Air Lines stock closes at or below the knock-in price, 65% 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 Delta Air Lines shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash value of those shares.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable reverse convertible securities
|
| Underlying stock: | Delta Air Lines, Inc. (Symbol: DAL)
|
| Amount: | $1,469,000
|
| Maturity: | March 28, 2016
|
| Coupon: | 8%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless Delta Air Lines stock closes at or below knock-in price during life of notes and finishes below initial share price, in which case 21.4684414 Delta Air Lines shares
|
| Call: | At par if closing share price on Sept. 23 or Dec. 22, 2015 is at or above initial share price
|
| Initial share price: | $46.58
|
| Knock-in price: | $30.277, 65% of initial share price
|
| Pricing date: | March 23
|
| Settlement date: | March 26
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.1%
|
| Cusip: | 22546V6K7
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
