Published on 4/4/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.62 million 9% autocallable reverse convertibles on Amazon
By Marisa Wong
Morgantown, W.Va., April 4 – Credit Suisse AG, London Branch priced $1.62 million of 9% autocallable reverse convertible securities due March 31, 2017 linked to Amazon.com, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if the stock closes at or above the initial price on Sept. 27 or Dec. 27, 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 finishes below the initial level, in which case investors will receive a number of Amazon.com shares equal to $1,000 divided by the initial 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: | Amazon.com, Inc. (Symbol: AMZN)
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Amount: | $1,618,000
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Maturity: | March 31, 2017
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless stock closes at or below knock-in price during life of notes and finishes below initial price, in which case a number of Amazon.com shares equal to $1,000 divided by the initial level or the cash equivalent
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Call: | At par if Amazon.com shares close at or above initial share price on Sept. 27 or Dec. 27, 2016
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Initial level: | $579.87
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Knock-in price: | $405.909, 70% of initial share price
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Pricing date: | March 28
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Settlement date: | March 31
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.1%
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Cusip: | 22546VZB5
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