By Marisa Wong
Morgantown, W.Va., Feb. 26 – Credit Suisse AG, London Branch priced $1.21 million of contingent coupon autocallable yield notes due March 11, 2020 linked to CVS Health Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the coupon barrier level, 80% of the initial share price, on a quarterly observation date, the notes will pay a contingent payment for that quarter at a rate of 13.1% per year.
If the closing share price is greater than or equal to the initial share price on any quarterly observation date, the notes will be automatically redeemed at par plus the contingent payment.
The payout at maturity will be par unless the shares finish below the 80% knock-in level, in which case investors will lose 1% for each 1% decline in the stock from its initial level.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are placement agents.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying stock: | CVS Health Corp. (Symbol: CVS)
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| Amount: | $1,205,000
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| Maturity: | March 11, 2020
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| Contingent payment: | 13.1% per year, payable each quarter that stock closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless the shares finish below the knock-in price, in which case 1% loss for each 1% share price decline from the initial price
|
| Call: | Automatically at par plus contingent payment if closing share price is greater than or equal to initial share price on any quarterly observation date
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| Initial share price: | $61.95
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| Coupon barrier: | $49.56, 80% of initial share price
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| Knock-in price: | $49.56, 80% of initial share price
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| Pricing date: | Feb. 22
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| Settlement date: | Feb. 27
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| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1%
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| Cusip: | 22551LYE4
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