Published on 5/4/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.66 million 15% autocallable reverse convertibles on Noble
By Marisa Wong
Madison, Wis., May 4 – Credit Suisse AG, London Branch priced $1.66 million of 15% autocallable reverse convertible securities due May 2, 2016 linked to Noble Corp. plc 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. 28 or Jan. 27, 2016.
If the notes are not called, the payout at maturity will be par unless Noble stock 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 Noble 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
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Issue: | Autocallable reverse convertible securities
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Underlying stock: | Noble Corp. plc (NYSE: NE)
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Amount: | $1,658,000
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Maturity: | May 2, 2016
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Coupon: | 15%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Noble stock closes at or below knock-in price during life of notes and finishes below initial share price, in which case a number of Noble shares equal to $1,000 divided by the initial share price or, at issuer’s option, cash value of those shares
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Call: | At par if the stock closes at or above the initial share price on Oct. 28 or Jan. 27, 2016
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Initial share price: | $15.81
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Knock-in price: | $9.486, 60% of initial share price
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Pricing date: | April 28
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Settlement date: | May 1
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.1%
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Cusip: | 22546VBV7
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