By Wendy Van Sickle
Columbus, Ohio, July 2 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable reverse convertible securities due June 30, 2022 linked to the least performing of the stocks of Adobe Inc., Teradyne, Inc. and Xilinx, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly at an annualized rate of 23% if each stock closes above its coupon barrier, 70% of its initial level, on the related observation date.
After six months, the notes will be called at par if the shares of the least performing stock close at or above its initial price on any quarterly observation date other than the final one.
If the notes are not called, the payout at maturity will be par unless any of the stocks finishes below its 70% knock-in level, in which case investors will receive a number of shares of the least performing stock 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
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Issue: | Contingent coupon autocallable reverse convertible securities
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Underlying stocks: | Adobe Inc., Teradyne Inc. and Xilinx Corp. plc
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Amount: | $1 million
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Maturity: | June 30, 2022
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Coupon: | 23% per year, payable quarterly if each stock closes above coupon barrier on observation date
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below knock-in price, in which case shares of least performing stock equal to $1,000 divided by initial share price or amount in cash equal to value of those shares
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Call: | After six months at par if shares close at or above initial share price on any quarterly observation date other than final one
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Initial prices: | $431.68 for Adobe, $81.36 for Teradyne, $92.89 for Xilinx
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Coupon barrier/knock-in levels: | $302.176 for Adobe, $56.952 for Teradyne, $65.023 for Xilinx; 70% of initial levels
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Pricing date: | June 25
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Settlement date: | June 30
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 1.75%
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Cusip: | 22550MGF0
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