By Wendy Van Sickle
Columbus, Ohio, June 10 – Credit Suisse AG, London Branch priced $16.5 million of contingent coupon autocallable yield notes due June 8, 2023 linked to Citigroup Inc. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the coupon barrier level, 50% of the initial share price, on a quarterly observation date, the notes will pay a contingent payment for that quarter at a rate of 10% per year, plus any prior unpaid contingent coupon.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial price on any quarterly trigger observation date.
If the notes are not called, the payout at maturity will be par plus any coupon unless the share price finishes below its 50% knock-in level, in which case investors will lose 1% for each 1% decline of the stock.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Smith Barney LLC is the distributor.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stock: | Citigroup Inc.
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| Amount: | $16,500,230
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| Maturity: | June 8, 2023
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| Contingent payment: | 10% per year, payable quarterly if stock closes at or above coupon barrier level on observation date for that quarter plus any prior unpaid contingent coupons
|
| Price: | Par
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| Payout at maturity: | Par plus any coupon unless the share price finishes below knock-in, in which case investors will lose 1% for each 1% decline of the stock
|
| Call: | Automatically at par plus contingent coupon if the stock closes at or above its initial price on any quarterly trigger observation date
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| Initial share price: | $58.86
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| Coupon barrier/knock-in price: | $29.43, 50% of initial share price
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| Pricing date: | June 5
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| Settlement date: | June 10
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| Agent: | Credit Suisse Securities (USA) LLC
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| Distributors: | Morgan Stanley Smith Barney LLC
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| Fees: | 2.5%
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| Cusip: | 22550V687
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