By Tali Rackner
Minneapolis, Feb. 23 – Credit Suisse AG, London Branch, priced $700,000 of contingent coupon autocallable reverse convertible securities due Feb. 24, 2020 linked to the common stock of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 7% per year if Bank of America shares close at or above the coupon barrier level, 70% of the initial share price, on the observation date for that month.
The notes will be automatically called at par plus the coupon if the shares close at or above the initial share price on any monthly trigger observation date.
The payout at maturity will be par unless the shares close below the 70% knock-in level, in which case investors will receive a number of Bank of America 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 stock: | Bank of America Corp. (Symbol: BAC)
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| Amount: | $700,000
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| Maturity: | Feb. 24, 2020
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| Contingent coupon: | 7%, payable monthly if stock closes at or above coupon barrier level on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless stock falls below knock-in level, in which case a number of Bank of America shares equal to $1,000 divided by the initial share price
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| Call: | At par plus the coupon if stock closes at or above initial share price on any monthly trigger observation date
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| Initial price: | $32.21
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| Coupon barrier/knock in level: | $22.547, 70% of initial price
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| Pricing date: | Feb. 16
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| Settlement date: | Feb. 22
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2%
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| Cusip: | 22549JQQ6
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