Chicago, Aug. 20 – Credit Suisse AG, London Branch priced $3.42 million of autocallable contingent income notes due Aug. 13, 2020 linked to the common stock of UnitedHealth Group Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annualized rate of 9% if the shares close at or above the coupon barrier, 80% of the initial level, on the observation date for that period.
The notes will be automatically called at par of $10 plus the coupon if the stock closes at or above the initial share price on any quarterly observation date.
If the notes are not called and the final share price is greater than or equal to the 80% downside threshold, the payout at maturity will be par plus the coupon. Otherwise, investors will lose 1% for every 1% decline.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Smith Barney LLC will act as distributor.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable contingent income notes
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| Underlying stock: | UnitedHealth Group Inc.
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| Amount: | $3,419,000
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| Maturity: | Aug. 13, 2020
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| Coupon: | 9%, payable quarterly if shares close at or above coupon barrier on relevant observation date
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| Price: | Par of $10
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| Call: | At par plus coupon if shares close at or above initial price on any quarterly observation date
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| Payout at maturity: | Par plus coupon unless stock finishes below downside threshold, in which case 1% loss for every 1% decline
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| Initial price: | $248.63
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| Coupon barrier/downside threshold: | $198.90, 80% of initial price
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| Pricing date: | Aug. 9
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| Settlement date: | Aug. 14
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| Agent: | Credit Suisse Securities (USA) LLC
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| Distributor: | Morgan Stanley Smith Barney LLC
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| Fees: | 1.75%
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| Cusip: | 22550F807
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