By Wendy Van Sickle
Columbus, Ohio, Feb. 8 – Credit Suisse AG priced $5.94 million of contingent income autocallable securities due Feb. 6, 2020 linked to the common stock of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 10.5% if Bank of America stock closes at or above its 80% downside threshold level on the observation date for that quarter.
The notes will be redeemed at par of $10 plus the contingent payment if the stock closes at or above the initial level on any determination date other than the final date.
The payout at maturity will be par plus the final coupon unless the stock finishes below the downside threshold level, in which case investors will lose 1% for every 1% that the final share price is less than the initial share price.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Wealth Management is a distributor.
| Issuer: | Credit Suisse AG
|
| Issue: | Contingent income autocallable securities
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| Underlying stock: | Bank of America Corp.
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| Amount: | $5,943,110
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| Maturity: | Feb. 6, 2020
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| Coupon: | 10.5% per year, payable quarterly if Bank of America shares close at or above downside threshold level on observation date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | If final share price is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, 1% loss for every 1% that final share price is less than initial share price
|
| Call: | At par plus contingent coupon if Bank of America shares close at or above initial share price on any determination date other than final date
|
| Initial share price: | $23.29
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| Downside threshold: | $18.63, 80% of initial share price
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| Pricing date: | Feb. 3
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| Settlement date: | Feb. 8
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| Agent: | Credit Suisse Securities (USA) LLC
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| Distributor: | Morgan Stanley Wealth Management
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| Fees: | 2.5%
|
| Cusip: | 22549A331
|
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