By Taylor Fox
New York, Nov. 30 – Credit Suisse AG, London Branch priced $3 million of contingent coupon autocallable reverse convertible securities due Nov. 26, 2021 linked to the lesser performing of the common stocks of FedEx Corp. and Caterpillar Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 17.58% if each stock closes at or above its coupon barrier, 80% of its initial level, on the observation date for that period.
The notes will be called at par if each stock closes at or above its initial level on any quarterly trigger observation date starting Feb. 18, 2021.
The payout at maturity will be par unless any stock finishes below its 80% knock-in level, in which case investors will be fully exposed to the losses of the least-performing stock.
The agent is Citigroup Global Markets Inc.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stocks: | FedEx Corp. and Caterpillar Inc.
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| Amount: | $3,005,000
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| Maturity: | Nov. 26, 2021
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| Coupon: | 17.58% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below its knock-in level, in which case full exposure to the losses of the least-performing stock
|
| Call: | Automatically at par if each stock closes at or above initial level on any quarterly trigger observation date starting Feb. 18, 2021
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| Initial prices: | $282.50 for FedEx and $172.74 for Caterpillar
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| Coupon barriers: | $226 for FedEx and $138.192 for Caterpillar; 80% of initial levels
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| Knock-in levels: | $226 for FedEx and $138.192 for Caterpillar; 80% of initial levels
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| Pricing date: | Nov. 18
|
| Settlement date: | Nov. 25
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| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 2.3%
|
| Cusip: | 22550MLX5
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