By Wendy Van Sickle
Columbus, Ohio, Sept. 16 – Credit Suisse AG, London Branch priced $3.48 million of contingent coupon autocallable securities due Sept. 13, 2023 linked to BHP Group, Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.8% if the stock closes at or above its 70% coupon barrier on the review date for that quarter.
The notes will be called at par if the stock closes at or above its initial level on any quarterly review date after six months.
The payout at maturity will be par unless the stock finishes below its 70% barrier level, in which case investors will be fully exposed to the stock’s decline, payable in shares or in cash at the option of the issuer.
Credit Suisse Securities (USA) LLC is the underwriter.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable securities
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| Underlying stock: | BHP Group, Ltd.
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| Amount: | $3,475,000
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| Maturity: | Sept. 13, 2023
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| Coupon: | 9.8% annualized, payable quarterly if stock closes at or above 70% coupon barrier on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless stock finishes below 70% barrier level, in which case shares equal to physical delivery amount
|
| Call option: | At par if stock closes at or above its initial level on any quarterly review date after six months
|
| Initial level: | $61.00
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| Barrier level: | $42.70, 70% of initial level
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| Pricing date: | Sept. 8
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| Settlement date: | Sept. 13
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| Underwriter: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.75%
|
| Cusip: | 22550MWV7
|
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