Chicago, Oct. 25 – Credit Suisse AG, London Branch priced $800,000 of contingent coupon autocallable reverse convertible securities due March 27, 2023 linked to the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 14% if the ETF closes at or above its 70% coupon barrier level on a monthly observation date.
The notes will be called at par if the ETF closes at or above the initial share price on any monthly observation date after six months.
The payout at maturity will be par unless the shares finish below the 70% knock-in 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 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 ETF: | SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $800,000
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| Maturity: | March 27, 2023
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| Coupon: | 14% payable monthly if the ETF closes at or above its knock-in level on a monthly observation date
|
| Price: | Par
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| Payout at maturity: | Par unless ETF finishes below knock-in price, in which case a number of shares equal to $1,000 divided by the initial share price
|
| Call: | At par if shares close at or above initial share price on any monthly observation date after six months
|
| Initial level: | $106.27
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| Coupon barrier level: | $74.389, 70% of initial level
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| Knock-in level: | $74.389, 70% of initial level
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| Pricing date: | Feb. 22
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| Settlement date: | Feb. 25
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.15%
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| Cusip: | 22550MC98
|
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