Published on 4/6/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $746,000 10.5% autocallable reverse convertibles linked to Vertex
By Angela McDaniels
Tacoma, Wash., April 6 – Credit Suisse AG, London Branch priced $746,000 of 10.5% autocallable reverse convertible securities due April 4, 2016 linked to the common stock of Vertex Pharmaceuticals Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if Vertex shares close at or above the initial share price on Sept. 30, 2015 or Dec. 29, 2015.
The payout at maturity will be par unless Vertex shares close at or below the knock-in price, 60% 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 Vertex shares equal to $1,000 divided by the 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: | Autocallable reverse convertible securities
|
| Underlying stock: | Vertex Pharmaceuticals Inc. (Symbol: VRTX)
|
| Amount: | $746,000
|
| Maturity: | April 4, 2016
|
| Coupon: | 10.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless Vertex stock closes at or below knock-in price during life of notes and finishes below initial share price, in which case 8.4767 Vertex shares or amount in cash equal to value of those shares
|
| Call: | At par if Vertex shares close at or above initial share price on Sept. 30, 2015 or Dec. 29, 2015
|
| Initial share price: | $117.97
|
| Knock-in price: | $70.782, 60% of initial share price
|
| Pricing date: | March 31
|
| Settlement date: | April 6
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.1%
|
| Cusip: | 22546V7F7
|
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