Published on 8/18/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $2.3 million autocallable reverse convertibles on Facebook
By Tali Rackner
Norfolk, Va., Aug. 18 – Credit Suisse AG, London Branch priced $2.3 million of 7.6% autocallable reverse convertible securities due Aug. 18, 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 monthly.
The notes will be called at par if the stock closes at or above the initial price on Feb. 15, 2017 or May 15, 2017.
The payout at maturity will be par unless the stock ever closes at or below the 75% knock-in price 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: | $2,301,000
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Maturity: | Aug. 18, 2017
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Coupon: | 7.6%, 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 share price, in which case a number of Facebook shares equal to $1,000 divided by the initial level or an amount in cash equal to value of those shares
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Call: | At par if Facebook shares close at or above initial share price on Feb. 15, 2017 or May 15, 2017
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Initial share price: | $123.90
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Knock-in price: | $92.925, 75% of initial share price
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Pricing date: | Aug. 15
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Settlement date: | Aug. 18
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.1%
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Cusip: | 22549JBC3
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