Published on 4/16/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $592,000 8% autocallable reverse convertibles tied to Illumina
By Toni Weeks
San Luis Obispo, Calif., April 16 – Credit Suisse AG, London Branch priced $592,000 of 8% autocallable reverse convertible securities due April 18, 2016 linked to Illumina, 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 Oct. 14 or Jan. 13, 2016.
If the notes are not called, the payout at maturity will be par unless Illumina stock closes at or below the knock-in price, 70% 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 Illumina 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: | Illumina, Inc. (Symbol: ILMN)
|
| Amount: | $592,000
|
| Maturity: | April 18, 2016
|
| Coupon: | 8%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless Illumina stock closes at or below knock-in price during life of notes and finishes below initial share price, in which case a number of Illumina shares equal to $1,000 divided by the initial share price or, at issuer’s option, cash value of those shares
|
| Call: | At par if closing share price on Oct. 14 or Jan. 13, 2016 is at or above initial share price
|
| Initial share price: | $188.16
|
| Knock-in price: | $131.712, 70% of initial share price
|
| Pricing date: | April 14
|
| Settlement date: | April 17
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.1%
|
| Cusip: | 22546VBF2
|
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