By Sarah Lizee
Olympia, Wash., Aug. 20 – Credit Suisse AG, London Branch, priced $2 million of contingent coupon autocallable yield notes due Sept. 1, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index closes at or above the coupon barrier level, 80% of the initial level, on a quarterly observation date, the notes will pay a contingent payment for that quarter at a rate of 10.2% per year, in which case investors will also receive any previously unpaid coupons.
The notes will be called at par plus the contingent coupon if the index closes at or above initial price on any quarterly trigger observation date.
If the notes are not called, the payout at maturity will be par unless the index finishes below the 80% knock-in level, in which case investors will lose 1% for each 1% decline of the index.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying index: | S&P 500 index
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| Amount: | $2 million
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| Maturity: | Sept. 1, 2021
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| Contingent payment: | 10.2% per year, payable quarterly if index closes at or above coupon barrier level on observation date for that quarter, in which case investors will also receive any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par unless the index finishes below knock-in level, in which case investors will lose 1% for each 1% decline of the index
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| Call: | Automatically at par plus contingent coupon if the index closes at or above its initial level on any quarterly trigger observation date
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| Initial level: | 3,373.43
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| Coupon barrier/knock-in price: | 2,698.74, 80% of initial level
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| Pricing date: | Aug. 14
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| Settlement date: | Aug. 21
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| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1%
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| Cusip: | 22552WFJ9
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