Published on 6/19/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $905,000 9.25% autocallable reverse convertibles on Silver Wheaton
By Toni Weeks
San Luis Obispo, Calif., June 19 – Credit Suisse AG, London Branch priced $905,000 of 9.25% autocallable reverse convertible securities due Sept. 22, 2016 linked to Silver Wheaton Corp. shares, 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 share price on any of three quarterly call dates.
The payout at maturity will be par unless the stock finishes below its initial level and ever closes below its 70% trigger level during the life of the notes, in which case the payout will be a number of Silver Wheaton shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash value of those shares.
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: | Silver Wheaton Corp. (Symbol: SLW)
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Amount: | $905,000
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Maturity: | Sept. 22, 2016
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Coupon: | 9.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless stock ever dips below its trigger level during life of notes and finishes below initial level, in which case a number of shares equal to $1,000 divided by initial share price or cash equivalent
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Call: | At par if each stock closes at or above initial share price on Dec. 17, March 17, 2016 or June 17, 2016
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Initial level: | $18.74
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Trigger level: | $13.118, 70% of initial level
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Pricing date: | June 17
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Settlement date: | June 22
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.4%
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Cusip: | 22546VFA9
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