Published on 3/25/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $680,000 9% autocallable reverse convertibles on Facebook
By Tali Rackner
Norfolk, Va., March 25 – Credit Suisse AG, London Branch priced $680,000 of 9% autocallable reverse convertible securities due March 27, 2017 linked to Facebook, 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 the stock closes at or above the initial price on Sept. 21, 2016 or Dec. 21, 2016.
The payout at maturity will be par unless the stock ever closes at or below the 70% knock-in level during the life of the notes, in which case investors will receive a number of Facebook shares equal to $1,000 divided by the initial level 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: | $680,000
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Maturity: | March 27, 2017
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Facebook stock closes at or below knock-in price during life of notes and finishes below initial price, in which case investors will receive a number of Facebook shares equal to $1,000 divided by the initial level or the cash equivalent
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Call: | At par if Facebook shares close at or above initial share price on Sept. 21, 2016 or Dec. 21, 2016
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Initial level: | $112.25
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Knock-in price: | $78.575, 70% of initial share price
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Pricing date: | March 22
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Settlement date: | March 28
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.1%
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Cusip: | 22546VZ25
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