By William Gullotti
Buffalo, N.Y., March 29 – Credit Suisse AG, London Branch priced $1.8 million of contingent coupon autocallable reverse convertible securities due March 29, 2023 linked to the lowest performing of the stocks of Apple Inc. and Walt Disney Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 10% if each stock closes at or above its coupon barrier price, 69.2% of its initial price, on the related observation date.
The notes will be called at par plus the coupon if all stocks close at or above their initial prices on any quarterly call observation date.
If all stocks finish at or above their knock-in prices, 69.2% of their initial prices, the payout will be par plus the final coupon. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable reverse convertible securities
|
| Underlying stocks: | Apple Inc., Walt Disney Co.
|
| Amount: | $1,802,000
|
| Maturity: | March 29, 2023
|
| Coupon: | 10% per year, payable quarterly if each stock closes at or above its coupon barrier price on the related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if no stock finishes below its knock-in price; otherwise, investors will receive number of shares of worst performer equal to that stock’s equity ratio
|
| Call: | At par plus coupon if all stocks close at or above their initial prices on any quarterly call observation date
|
| Initial share prices: | $174.07 for Apple, $138.96 for Disney
|
| Coupon barrier prices: | $120.45644 for Apple, $96.16032 for Disney; 69.2% of initial prices
|
| Knock-in levels: | $120.45644 for Apple, $96.16032 for Disney; 69.2% of initial prices
|
| Pricing date: | March 24
|
| Settlement date: | March 29
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2%
|
| Cusip: | 22550MZQ5
|
|
|
© 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.
