By William Gullotti
Buffalo, N.Y., Feb. 7 – Credit Suisse AG, London Branch priced $2.03 million of 15% autocallable yield notes with upper threshold feature due April 19, 2022 linked to the performance of the stocks of Royal Caribbean Cruises Ltd., Norwegian Cruise Line Holdings Ltd. and Carnival Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
The notes will be called at par if each stock closes at or above its initial level on any quarterly review date.
If any stock closes above its initial level, the payout will be par. This would mean, in this case, that the payout of the notes was not tied to the worst performing, but the best performing.
However, if no stock closes above its initial level, the payout will be tied to the worst performer.
In this case, the payout at maturity will be par unless any stock finishes below its trigger level, 60% of its initial level, in which case investors will be fully exposed to the decline of the least performing stock.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable yield notes with upper threshold feature
|
| Underlying stocks: | Royal Caribbean Cruises Ltd., Norwegian Cruise Line Holdings Ltd., Carnival Corp.
|
| Amount: | $2,030,000
|
| Maturity: | April 19, 2022
|
| Coupon: | 15% annual rate, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par if best performer finishes above initial level; otherwise, par unless any stock finishes below trigger level, in which case full exposure to decline of worst performing stock
|
| Call: | At par if each stock closes at or above initial level on any quarterly review
|
| Initial levels: | $89.88 for Royal Caribbean, $30.54 for Norwegian, $29.30 for Carnival
|
| Knock-in levels: | $53.928 for Royal Caribbean, $18.324 for Norwegian, $17.58 for Carnival; 60% of initial levels
|
| Pricing date: | April 12
|
| Settlement date: | April 19
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.2%
|
| Cusip: | 22552XJJ3
|
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