Published on 12/28/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $151,000 5% autocallable reverse convertibles linked to GE
By Susanna Moon
Chicago, Dec. 28 – Credit Suisse AG, London Branch priced $151,000 of 5% autocallable reverse convertible securities due Dec. 28, 2016 linked to General Electric Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if GE shares close at or above the initial share price on either call date.
The payout at maturity will be par unless GE shares ever close at or below the knock-in price, 85% 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 GE 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 underwriter.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Autocallable reverse convertible securities
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Underlying stock: | General Electric Co. (Symbol: GE)
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Amount: | $151,000
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Maturity: | Dec. 28, 2016
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Coupon: | 5%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless GE stock falls and ever closes at or below knock-in price during life of notes, in which case 32.7976 GE shares
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Call: | At par if GE shares close at or above initial share price on June 23, 2016 or Sept. 23, 2016
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Initial level: | $30.49
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Knock-in price: | $25.9165, 85% of initial share price
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Pricing date: | Dec. 22
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Settlement date: | Dec. 28
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.2%
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Cusip: | 22546VSQ0
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