Published on 3/17/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $515,000 9.3% autocallable reverse convertibles tied to Facebook
By Tali Rackner
Norfolk, Va., March 17 – Credit Suisse AG, London Branch priced $515,000 of 9.3% autocallable reverse convertible securities due March 14, 2017 linked to the class A common stock of Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par if Facebook shares close at or above the initial share price on any observation date.
The payout at maturity will be par unless Facebook shares ever close at or below the knock-in price, 75% 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 Facebook 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: | Facebook, Inc. (Symbol: FB)
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| Amount: | $515,000
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| Maturity: | March 14, 2017
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| Coupon: | 9.3%, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par unless the stock falls and ever closes at or below knock-in price during life of notes, in which case the number of Facebook shares equal to $1,000 divided by the initial share price or the cash equivalent
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| Call: | At par if Facebook shares close at or above initial share price on any observation date
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| Initial level: | $108.39
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| Knock-in price: | $81.29, 75% of initial share price
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| Pricing date: | March 7
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| Settlement date: | March 14
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.5%
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| Cusip: | 22546VYK6
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