Published on 10/7/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $5.33 million 9% autocallable reverse convertibles on Apple
By Marisa Wong
Morgantown, W.Va., Oct. 7 – Credit Suisse AG, London Branch priced $5.33 million of 9% autocallable reverse convertible notes due Oct. 3, 2016 linked to Apple 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 Apple stock closes at or above the initial share price on March 30, 2016 or June 29, 2016.
The payout at maturity will be par unless the stock ever closes at or below the 70% knock-in level during the life of the notes and the stock finishes below its initial level, in which case investors will receive a number of Apple 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
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Issue: | Autocallable reverse convertible securities
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Underlying stock: | Apple Inc. (Symbol: AAPL)
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Amount: | $5,328,000
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Maturity: | Oct. 3, 2016
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Apple stock closes at or below knock-in price during life of notes and finishes below initial share price, in which case number of Apple shares equal to $1,000 divided by initial price or cash equivalent
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Call: | At par if Apple shares close at or above initial share price on March 30, 2016 or June 29, 2016
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Initial price: | $109.06
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Knock-in price: | 76.342, 70% of initial price
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Pricing date: | Sept. 29
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Settlement date: | Oct. 2
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.18%
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Cusip: | 22546VM37
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