By Wendy Van Sickle
Columbus, Ohio, Jan. 14 – Credit Suisse AG, London Branch priced $805,000 of contingent coupon autocallable reverse convertibles due Jan. 16, 2024 linked to the lowest performing of the common stock of Capital One Financial Corp., Fifth Third Bancorp and Itau Unibanco Holding SA, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 11.07% if each stock closes at or above its coupon barrier price, 60% of its initial price, on the related observation date.
The notes will be called at par plus the coupon due if all stocks close at or above their initial prices on any quarterly observation date.
If all stocks finish at or above their knock-in prices, 60% of their initial prices, the payout will be par plus the final coupon. If any stock finishes below its knock-in price, investors will be fully exposed to the losses of the least-performing stock from its initial level, with the proceeds delivered in shares of the least-performing stock.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable reverse convertibles
|
| Underlying stocks: | Capital One Financial Corp. (Symbol: COF), Fifth Third Bancorp (Symbol: FITB) and Itau Unibanco Holding SA (Symbol: ITUB)
|
| Amount: | $805,000
|
| Maturity: | Jan. 16, 2024
|
| Coupon: | 11.07% per year, payable quarterly if each stock closes at or above its coupon barrier price on the related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon if no stock finishes below its knock-in price; if any stock finishes below its knock-in price, par plus the decline of the least-performing stock from its initial level, with proceeds delivered in shares of the least-performing stock
|
| Call: | At par plus the coupon due if all stocks close at or above their initial prices on any quarterly observation date
|
| Initial share prices: | $110.56 for Capital One Financial, $31.18 for Fifth Third and $6.07 for Itau Unibanco
|
| Knock-in/coupon barrier prices: | $66.336 for Capital One Financial, $18.708 for Fifth Third and $3.642 for Itau Unibanco; 60% of initial prices
|
| Pricing date: | Jan. 11
|
| Settlement date: | Jan. 15
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.5%
|
| Cusip: | 22550MNV7
|
|
|
© 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.
