By Kiku Steinfeld
Chicago, Nov. 29 – Credit Suisse AG, London Branch priced $725,000 of 5.65% autocallable reverse convertible securities due Aug. 18, 2022 linked to the least performing of the shares of Microsoft Corp. and Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par if the shares of the least performing stock close at or above its initial price on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless any stock closes below its initial level and ever finishes below its 60% knock-in level, in which case investors will receive a number of shares of the least performing stock equal to $1,000 divided by the initial share price or the cash equivalent at the issuer’s option.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable reverse convertible securities
|
| Underlying stocks: | Microsoft Corp. and Apple Inc.
|
| Amount: | $725,000
|
| Maturity: | Aug. 18, 2022
|
| Coupon: | 5.65% per year, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock closes below its initial level and ever finishes below knock-in level, in which case shares of least performing stock equal to $1,000 divided by initial share price or cash at issuer’s option
|
| Call: | At par if shares close at or above initial share price on any quarterly observation date
|
| Initial prices: | $289.81 for Microsoft, $148.89 for Apple
|
| Coupon barrier/knock-in levels: | $173.886 for Microsoft, $89.334 for Apple; 60% of initial levels
|
| Pricing date: | Aug. 13
|
| Settlement date: | Aug. 18
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.25%
|
| Cusip: | 22550MWD7
|
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