By Wendy Van Sickle
Columbus, Ohio, April 9 – Credit Suisse AG, London Branch priced $4.58 million of contingent coupon autocallable reverse convertible securities due June 30, 2022 linked to the common stock of Walt Disney Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 8.5% if the stock closes at or above its 68% coupon barrier level on a related observation date.
The notes will be called at par if the shares close at or above the initial share price on any quarterly trigger observation date after six months.
The payout at maturity will be par unless the shares finish below the knock-in level, 68% of the initial level, in which case investors will receive a number of 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 and Incapital LLC are the agents.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable reverse convertible securities
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Underlying stock: | Walt Disney Co.
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Amount: | $4,584,000
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Maturity: | June 30, 2022
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Coupon: | 8.5% payable monthly if the stock closes at or above its coupon barrier level on a related observation date
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Price: | Par
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Payout at maturity: | Par unless stock finishes below knock-in price, in which case a number of 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
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Call: | At par if shares close at or above initial share price on any quarterly trigger observation date after six months
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Initial level: | $185.92
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Coupon barrier: | $126.4256, 68% of initial level
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Knock-in price: | $126.4256, 68% of initial level
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Pricing date: | March 26
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Settlement date: | March 31
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Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
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Fees: | 2.25%
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Cusip: | 22550MSA8
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