Published on 2/12/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.63 million autocallable reverse convertibles on VeriFone
By Marisa Wong
Madison, Wis., Feb. 12 – Credit Suisse AG, London Branch priced $1.63 million of 8.75% autocallable reverse convertible securities due Feb. 16, 2016 linked to the common stock of VeriFone Systems, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if VeriFone shares close at or above the initial share price on Aug. 10 or Nov. 10, 2015.
The payout at maturity will be par unless VeriFone shares close at or below the knock-in price, 65% 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 shares of VeriFone stock equal to $1,000 divided by the initial share price.
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: | VeriFone Systems, Inc. (Symbol: PAY)
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Amount: | $1,631,000
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Maturity: | Feb. 16, 2016
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Coupon: | 8.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless VeriFone stock closes at or below knock-in price during life of notes and finishes below initial share price, in which case 30.404378 VeriFone shares
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Call: | At par if VeriFone shares close at or above initial share price on Aug. 10 or Nov. 10, 2015
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Initial share price: | $32.89
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Knock-in price: | $21.379, 65% of initial share price
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Pricing date: | Feb. 10
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Settlement date: | Feb. 13
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.1%
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Cusip: | 22546V4L7
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