Published on 1/22/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.43 million 10.75% autocall reverse convertibles on United Rentals
By Susanna Moon
Chicago, Jan. 22 – Credit Suisse AG, London Branch priced $1.43 million of 10.75% autocallable reverse convertible securities due Jan. 22, 2016 linked to United Rentals, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if United Rentals shares close at or above the initial share price on July 17, 2015 or Oct. 19, 2015.
The payout at maturity will be par unless United Rentals shares close at or below the knock-in level, 65% of the initial share price, during the life of the notes and finish below the initial share price, in which case the payout will be a number of United Rentals 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
|
| Issue: | Autocallable reverse convertible securities
|
| Underlying stock: | United Rentals, Inc. (NYSE: URI)
|
| Amount: | $1,433,000
|
| Maturity: | Jan. 22, 2016
|
| Coupon: | 10.75%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless United Rentals stock closes at or below knock-in price during life of notes and finishes below initial share price, in which case 12.149192 United Rentals shares
|
| Call: | At par if United Rentals shares close at or above initial share price on July 17, 2015 or Oct. 19, 2015
|
| Initial share price: | $82.31
|
| Knock-in price: | $53.502, 65% of initial share price
|
| Pricing date: | Jan. 16
|
| Settlement date: | Jan. 22
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.1%
|
| Cusip: | 22547QXY7
|
|
|
|
|
|
|
© 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.
