Published on 6/22/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $408,000 of 11% autocallable reverse convertibles on Palo Alto
By Marisa Wong
Morgantown, W.Va., June 22 – Credit Suisse AG, London Branch priced $408,000 of 11% autocallable reverse convertible securities due June 22, 2017 linked to Palo Alto Networks, Inc. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if Palo Alto shares close at or above the initial share price on Dec. 19, 2016 or March 17, 2017.
The payout at maturity will be par unless Palo Alto shares ever close at or below the knock-in price, 65% 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 Palo Alto 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: | Palo Alto Networks, Inc. (Symbol: PANW)
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Amount: | $408,000
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Maturity: | June 22, 2017
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Coupon: | 11%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Palo Alto stock finishes below initial price and ever closes at or below knock-in price during life of notes, in which case number of Palo Alto shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent
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Call: | At par if Palo Alto shares close at or above initial share price on Dec. 19, 2016 or March 17, 2017
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Initial level: | $128.30
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Knock-in price: | $83.395, 65% of initial share price
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Pricing date: | June 17
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Settlement date: | June 22
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.1%
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Cusip: | 22549JAH3
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