By Wendy Van Sickle
Columbus, Ohio, April 3 – Credit Suisse AG, London Branch priced $7.59 million of contingent income autocallable securities due April 2, 2020 linked to CVS Health Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 15.25% if the stock closes at or above the 80% downside threshold on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any determination date.
The payout at maturity will be par unless the stock finishes below its 80% downside threshold, in which case investors will lose 1% for each 1% decline.
Credit Suisse Securities (USA) LLC is the underwriter.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent income autocallable securities
|
| Underlying asset: | CVS Health Corp.
|
| Amount: | $7,587,800
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| Maturity: | April 2, 2020
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| Coupon: | 15.25% annualized, payable each quarter if stock closes at or above downside threshold on determination date
|
| Price: | Par
|
| Payout at maturity: | If stock finishes above downside threshold, par; otherwise, full exposure to decline
|
| Call: | At par plus contingent coupon if stock closes at or above initial level on any determination date
|
| Initial share price: | $53.93
|
| Downside threshold: | $43.14, 80% of initial level
|
| Pricing date: | March 29
|
| Settlement date: | April 3
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.75%
|
| Cusip: | 22549Y883
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