By William Gullotti
Buffalo, N.Y., Sept. 7 – Credit Suisse AG, London Branch priced $4.18 million of autocallable contingent income securities due Aug. 30, 2024 linked to the stock performance of Carvana Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 15.75% if the stock closes at or above its coupon barrier level, 70% of the initial level, on the relevant observation date.
The notes will be automatically called at par plus the coupon if the stock closes at or above its initial share price on any quarterly call observation date.
If the notes are not called and the stock finishes at or above its 70% barrier level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for each 1% decline from its initial level.
Credit Suisse Securities (USA) LLC is the agent with Morgan Stanley Smith Barney LLC as the dealer.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable contingent income securities
|
| Underlying stock: | Carvana Co.
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| Amount: | $4,180,300
|
| Maturity: | Aug. 30, 2024
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| Coupon: | 15.75% annual rate, payable quarterly if the stock closes at or above coupon barrier level on the corresponding observation date
|
| Price: | Par of $10
|
| Payout at maturity: | If the stock finishes at or above barrier level, par plus the final coupon; otherwise, 1% loss for each 1% decline from initial level
|
| Call: | At par plus coupon if shares close at or above initial price on any quarterly call observation date
|
| Initial level: | $337.52
|
| Coupon barrier level: | $236.26; 70% of initial prices
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| Barrier level: | $236.26; 70% of initial prices
|
| Pricing date: | Aug. 27
|
| Settlement date: | Sept. 1
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Dealer: | Morgan Stanley Smith Barney LLC
|
| Fees: | 2.5%
|
| Cusip: | 22552Y846
|
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