By William Gullotti
Buffalo, N.Y., Oct. 18 – Credit Suisse AG, London Branch, priced $3.4 million of contingent coupon callable yield notes with memory coupon feature due March 21, 2025 linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at a rate of 9.59% per year if the index closes at or above its coupon barrier level, 70% of its initial level, on the related observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes are callable, in whole but not in part, at par plus any coupon due on any monthly observation date.
The payout at maturity will be par plus the final coupon unless the index finishes below its 70% knock-in level, in which case investors will be fully exposed to the decline from its initial level.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes with memory coupon feature
|
| Underlying index: | S&P 500 index
|
| Amount: | $3,399,000
|
| Maturity: | March 21, 2025
|
| Coupon: | 9.59% per year, payable monthly if the underlying index closes at or above its coupon barrier level on related observation date; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon unless the index finishes below knock-in level, in which case full exposure to the index’s decline from its initial level
|
| Call option: | Callable in whole at par plus any coupon due on any monthly observation date
|
| Initial level: | 3,873.33
|
| Coupon barrier level: | 2,711.331; 70% of initial level
|
| Knock-in level: | 2,711.331; 70% of initial level
|
| Pricing date: | Sept. 16
|
| Settlement date: | Sept. 21
|
| Agents: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.75%
|
| Cusip: | 22553QLC9
|
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