By Susanna Moon
Chicago, Nov. 6 – Credit Suisse AG priced $8.52 million of contingent income callable securities due Nov. 2, 2017 due Nov. 4, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon of at an annual rate of 7.1% if the index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that quarter.
The notes are callable at par on any quarterly determination date after one year.
The payout at maturity will be par unless the index finishes below its 60% knock-in level, in which case investors will be fully exposed to any losses.
Morgan Stanley & Co. LLC will be the distributor.
| Issuer: | Credit Suisse AG
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| Issue: | Contingent income callable securities
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| Underlying index: | S&P 500
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| Amount: | $8,519,000
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| Maturity: | Nov. 4, 2025
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| Coupon: | 7.1% annualized, payable quarterly, if index closes at or above its barrier level on the observation date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | Par unless index finishes below knock-in level, in which case full exposure to any losses
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| Call option: | At par on any quarterly determination date beginning on Nov. 4, 2016
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| Initial level: | 2,079.36
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| Coupon barrier: | 75% of initial level
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| Knock-in level: | 60% of initial level
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| Pricing date: | Oct. 30
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| Settlement date: | Nov. 4
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| Distributor: | Morgan Stanley & Co. LLC
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| Fees: | 3%
|
| Cusip: | 22546VP67
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