Published on 4/21/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.98 million 7.25% autocallable reverse convertibles on Apple
By Devika Patel
Knoxville, Tenn., April 21 – Credit Suisse AG, London Branch priced $1.98 million of 7.25% autocallable reverse convertible securities due April 24, 2017 linked to Apple Inc. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if Apple shares close at or above the initial share price on Oct. 19, 2016 or Jan. 18, 2017.
The payout at maturity will be par unless Apple shares ever close at or below the knock-in price, 75% of the initial share price, during the life of the notes and finish below the initial share price, 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 is the agent.
Issuer: | Credit Suisse AG, London Branch
|
Issue: | Autocallable reverse convertible securities
|
Underlying stock: | Apple Inc. (Symbol: AAPL)
|
Amount: | $1,977,000
|
Maturity: | April 24, 2017
|
Coupon: | 7.25%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par unless Apple stock falls and ever closes at or below knock-in price during life of notes, in which case 32.7976 Apple shares
|
Call: | At par if Apple shares close at or above initial share price on Oct. 19, 2016 or Jan. 18, 2017
|
Initial level: | $106.91
|
Knock-in price: | $80.1825, 75% of initial share price
|
Pricing date: | April 19
|
Settlement date: | April 22
|
Agent: | Credit Suisse
|
Fees: | 2.1%
|
Cusip: | 22548Q3F0
|
© 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.