New Issue: Credit Suisse sells $1.86 million 8.5% autocallable reverse convertibles tied to Apple

By Wendy Van Sickle

Columbus, Ohio, July 12 – Credit Suisse AG, London Branch priced $1.86 million of 8.5% autocallable reverse convertible securities due July 13, 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 called at par if Apple shares close at or above the initial share price on Jan. 10, 2017 or April 10, 2017.

The payout at maturity will be par unless Apple shares ever close at or below the knock-in price, 70% 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:	$1,885,000
Maturity:	July 13, 2017
Coupon:	8.5%, 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 a number of Apple shares equal to $1,000 divided by the initial share price, or cash equivalent
Call:	At par if Apple shares close at or above initial share price on Jan. 10, 2017 or April 10, 2017
Initial level:	$96.68
Knock-in price:	$67.676, 70% of initial share price
Pricing date:	July 8
Settlement date:	July 13
Agent:	Credit Suisse
Fees:	0.6%
Cusip:	22549JAL4

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