Credit Suisse plans contingent 7.65% autocallable reverse convertibles tied to Apple

By Susanna Moon

Chicago, Oct. 17 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable reverse convertible securities due Jan. 25, 2019 linked to Apple Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent monthly coupon at an annual rate of 7.65% if the stock closes at or above its 75% coupon barrier on an observation date for that month.

The notes will be called at par if Apple shares close at or above its initial level on April 20, 2018, July 20, 2018 or Oct. 22, 2018.

The payout at maturity will be par unless the shares finish below the initial level and ever close below its 75% knock-in level any day during the life of the notes, in which case investors will receive a number of Apple 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 is the agent.

The notes will price on Oct. 20 and settle on Oct. 25.

The Cusip number is 22550BLJ0.

© 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.