By Sarah Lizee
Olympia, Wash., June 15 – Credit Suisse AG, London Branch priced $1.38 million of contingent coupon autocallable yield notes due June 25, 2021 linked to Cisco Systems, Inc. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the coupon barrier level, 73% of the initial share price, on a quarterly observation date, the notes will pay a contingent payment for that quarter at a rate of 10% per year, plus any prior unpaid contingent coupon.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial price on any quarterly trigger observation date.
If the notes are not called, the payout at maturity will be par plus any coupon unless the share price finishes below its 73% knock-in level, in which case investors will lose 1% for each 1% decline of the stock.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stock: | Cisco Systems, Inc.
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| Amount: | $1,375,000
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| Maturity: | June 25, 2021
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| Contingent payment: | 10% per year, payable quarterly if stock closes at or above coupon barrier level on observation date for that quarter plus any prior unpaid contingent coupons
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| Price: | Par
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| Payout at maturity: | Par plus any coupon unless the share price finishes below knock-in, in which case investors will lose 1% for each 1% decline of the stock
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| Call: | Automatically at par plus contingent coupon if the stock closes at or above its initial price on any quarterly trigger observation date
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| Initial share price: | $48.05
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| Coupon barrier/knock-in price: | $35.08, 73% of initial share price
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| Pricing date: | June 10
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| Settlement date: | June 15
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| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1%
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| Cusip: | 22552W6T7
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