By Tali Rackner
Minneapolis, Jan. 12 – Credit Suisse AG, London Branch priced $2.8 million of contingent coupon autocallable yield notes due Jan. 16, 2025 linked to the least performing of the American Depositary Shares of BP plc and the common stocks of Chevron Corp. and ConocoPhillips, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.25% if each underlying stock closes at or above its coupon barrier level, expected to be about 60% of the initial level, on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any quarterly trigger observation date from Jan. 10, 2019 through Oct. 10, 2024.
The payout at maturity will be par unless any stock finishes below its knock-in level, 60% of the initial level, in which case investors will lose 1% for each 1% decline of the least-performing stock from its initial level.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying stocks: | BP plc (Symbol: BP), Chevron Corp. (Symbol CVX), and ConocoPhillips (Symbol: COP)
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Amount: | $2.8 million
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Maturity: | Jan. 6, 2025
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Coupon: | 8.25% per year, payable quarterly if each stock closes at or above its barrier level on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below knock-in level, in which case full exposure to the losses of the least-performing stock
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Call: | Automatically if each stock closes at or above initial level on any quarterly trigger observation date from Jan. 10, 2019 through Oct. 10, 2024
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Initial prices: | $42.87 for BP, $127.84 for Chevron and $57.93 for ConocoPhillips
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Barrier/knock-in prices: | $25.722 for BP, $76.704 for Chevron and $34.758 for ConocoPhillips; 60% of initial levels
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Pricing date: | Jan. 9
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Settlement date: | Jan. 16
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 3.35%
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Cusip: | 22550W5J2
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