Published on 11/29/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.89 million 8.5% autocallable reverse convertibles on Ford
By Devika Patel
Knoxville, Tenn., Nov. 29 – Credit Suisse AG, London Branch, priced $1.89 million of 8.5% autocallable reverse convertible securities due Nov. 28, 2017 linked to Ford Motor Co. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if Ford shares close at or above the initial share price on May 24 or Aug. 23, 2017.
The payout at maturity will be par unless Ford shares ever close at or below the knock-in price, 70% of the initial share price, during the life of the notes and finish below the initial share price, in which case investors will receive a number of Ford shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
Credit Suisse Securities (USA) LLC and Incapital LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable reverse convertible securities
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| Underlying stock: | Ford Motor Co. (Symbol: F)
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| Amount: | $1,894,000
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| Maturity: | Nov. 28, 2017
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| Coupon: | 8.5%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless Ford stock falls and ever closes at or below knock-in price during life of notes, in which case a number of Ford shares equal to $1,000 divided by the initial share price
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| Call: | At par if Ford shares close at or above initial share price on May 24 or Aug. 23, 2017
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| Initial level: | $11.89
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| Knock-in price: | $8.323, 70% of initial share price
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| Pricing date: | Nov. 22
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| Settlement date: | Nov. 28
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| Agent: | Credit Suisse Securities (USA) LLC and Incapital LLC
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| Fees: | 2.1%
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| Cusip: | 22549JCY4
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