New Issue: Credit Suisse sells $1.16 million contingent coupon autocallable reverse converts on ETFs

By Kiku Steinfeld

Chicago, Sept. 26 – Credit Suisse AG, London Branch priced $1.16 million of contingent coupon autocallable reverse convertible securities due Aug. 7, 2023 linked to the lowest performing of the Financial Select Sector SPDR fund and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly at an annual rate of 8.5% if each fund closes at or above its 79% coupon barrier level on the observation date for that quarter, plus any previously unpaid contingent coupons.

The notes will be automatically called at par if each fund closes at or above its initial share price on any quarterly trigger observation date.

The payout at maturity will be par unless either fund finishes below its knock-in price, 79% of its initial share price, in which case investors will receive a number of shares of the worst-performing fund equal to $1,000 divided by that fund’s initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.

Credit Suisse Securities (USA) LLC is the agent.

Issuer:	Credit Suisse AG, London Branch
Issue:	Contingent coupon autocallable reverse convertible securities
Underlying funds:	Financial Select Sector SPDR fund, SPDR S&P Regional Banking ETF
Amount:	$1.16 million
Maturity:	Aug. 7, 2023
Coupon:	8.5% annual rate, payable quarterly plus any previously unpaid contingent coupons if each ETF closes at or above coupon barrier level on observation date for that quarter
Price:	Par
Payout at maturity:	Par unless any fund finishes below knock-in price, in which case number of shares of worst-performing fund equal to $1,000 divided by that fund’s initial share price or, at issuer’s option, amount in cash equal to value of those shares
Call:	Automatically at par if each fund closes at or above initial share price on any quarterly trigger observation date
Initial levels:	$71.60 for Regional, $39.06 for Financial
Coupon barrier levels:	$56.564 for Regional, $30.8574 for Financial, 79% of initial levels
Knock-in levels:	$56.564 for Regional, $30.8574 for Financial, 79% of initial levels
Pricing date:	Jan. 31
Settlement date:	Feb. 7
Agent:	Credit Suisse Securities (USA) LLC
Fees:	2%
Cusip:	22550MA90

© 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.