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Credit Suisse plans autocallable reverse convertibles tied to Amazon
By Devika Patel
Knoxville, Tenn., March 17 – Credit Suisse AG, London Branch plans to price 8.5% to 10.5% autocallable reverse convertible securities due March 31, 2017 linked to Amazon.com, Inc. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly, with the exact rate to be set at pricing.
The notes will be called at par if the stock closes at or above the initial price on Sept. 27, 2016 or Dec. 27, 2016.
The payout at maturity will be par unless the stock closes at or below the 70% knock-in level during the life of the notes and the final level is less than the initial level, in which case investors will receive a number of Amazon shares equal to $1,000 divided by the initial level or, at the issuer’s option, the cash equivalent.
The exact terms will be set at pricing.
Credit Suisse Securities (USA) LLC is the agent.
The notes (Cusip: 22546VZB5) are expected to price March 28 and settle March 31.
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