By Susanna Moon
Chicago, Nov. 29 – Credit Suisse AG, London Branch priced $4.48 million of contingent coupon autocallable reverse convertible securities due Feb. 22, 2019 linked to Bank of America Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 7.75% if the stock closes at or above its 72.5% coupon barrier on a quarterly observation date.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless the shares finish below the initial level and ever closes below the 72.5% knock-in level any day during the life of the notes, 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, the cash equivalent.
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 shares: | Bank of America Corp.
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| Amount: | $4,481,000
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| Maturity: | Feb. 22, 2019
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| Coupon: | 7.75% annualized, payable quarterly if stock closes at or above 72.5% coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par unless stock falls and ever closes below 72.5% knock-in level, in which case 37.5657 BofA shares
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| Call: | At par if each index closes at or above its initial level on any quarterly call observation date
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| Initial price: | $26.62
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| Knock-in level: | $19.2995, 75% of initial level
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| Pricing date: | Nov. 17
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| Settlement date: | Nov. 22
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.25%
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| Cusip: | 22549JLY4
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