By Wendy Van Sickle
Columbus, Ohio, July 28 – Credit Suisse AG, London Branch priced $911,000 of contingent coupon autocallable reverse convertible securities due Aug. 29, 2022 linked to the common stock of D.R. Horton, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is contingently payable monthly at an annual rate of 8.3% if the stock closes at or above its 73% coupon barrier level on a monthly observation date after six months.
The notes will be called at par if the shares close at or above the initial share price on any monthly trigger observation date.
The payout at maturity will be par unless the shares finish below the knock-in level, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable reverse convertible securities
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Underlying stock: | D.R. Horton, Inc.
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Amount: | $911,000
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Maturity: | Aug. 29, 2022
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Coupon: | 8.3% payable monthly if the stock closes at or above its coupon barrier level on a related observation date
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Price: | Par
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Payout at maturity: | Par unless stock finishes below knock-in price, in which case a number of shares equal to $1,000 divided by the initial share price
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Call: | At par if shares close at or above initial share price on any monthly trigger observation date after six months
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Initial level: | $93.55
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Coupon barrier level: | $68.2915, 73% of initial level
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Knock-in price: | $68.2915, 73% of initial level
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Pricing date: | July 23
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Settlement date: | July 27
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.15%
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Cusip: | 22550MUX5
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