Published on 4/21/2011 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.31 million 7% reverse convertibles linked to Caterpillar
By Susanna Moon
Chicago, April 21 - Credit Suisse AG, Nassau Branch priced $1.31 million of 7% reverse convertible securities due April 30, 2012 linked to Caterpillar Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The payout at maturity will be par unless Caterpillar stock falls below the knock-in price - 80% of the initial price - during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of shares equal to $1,000 divided by the initial share price.
Credit Suisse Securities (USA) LLC is the underwriter.
Issuer: | Credit Suisse AG, Nassau Branch
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Issue: | Reverse convertible securities
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Underlying stock: | Caterpillar Inc. (NYSE: CAT)
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Amount: | $1,305,000
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Maturity: | April 30, 2012
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Coupon: | 7%, payable quarterly
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Price: | Par
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Payout at maturity: | If Caterpillar stock falls below knock-in price during life of notes and finishes below initial price, 9.2353 Caterpillar shares per $1,000 note; otherwise, par
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Initial stock price: | $108.28
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Knock-in price: | $86.624, or 80% of initial price
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Pricing date: | April 20
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Settlement date: | April 28
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Underwriter: | Credit Suisse Securities (USA) LLC
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Fees: | 2.5%
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Cusip: | 22546E4Z4
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