By Wendy Van Sickle
Columbus, Ohio, Jan. 4 – Credit Suisse AG, London Branch priced $2.5 million of contingent coupon autocallable reverse convertible securities due Dec. 28, 2022 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Schlumberger NV, Walgreens Boots Alliance, Inc. and FedEx Corp.
Interest is payable monthly at an annual rate of 6.85% if each stock closes above its coupon barrier, 50% of its initial level, on the related observation date.
The notes will be called at par if the shares of the least performing stock close at or above their trigger price on any monthly trigger observation date starting April 21. The trigger level is 90% of the initial level for the first two dates and 85% of the initial level thereafter.
The payout at maturity will be par unless any of the stocks finishes below its 50% knock-in level, in which case investors will receive a number of shares of the least performing stock 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 stocks: | Schlumberger NV, Walgreens Boots Alliance, Inc. and FedEx Corp.
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| Amount: | $2.5 million
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| Maturity: | Dec. 28, 2022
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| Coupon: | 6.85% per year, payable monthly if each stock closes above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in price, in which case shares of least performing stock equal to $1,000 divided by initial share price or amount in cash equal to value of those shares
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| Call: | At par plus the coupon if shares close at or above trigger price on any monthly trigger observation date starting April 21; trigger price is 90% of initial level on first two dates and 85% of initial level thereafter
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| Initial prices: | $22.31 for Schlumberger, $40.69 for Walgreens and $275.57 for FedEx
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| Coupon barriers: | $11.16 for Schlumberger, $20.35 for Walgreens and $137.79 for FedEx; 50% of initial levels
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| Knock-in levels: | $11.16 for Schlumberger, $20.35 for Walgreens and $137.79 for FedEx; 50% of initial levels
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| Pricing date: | Dec. 21
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| Settlement date: | Dec. 28
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 22550MND7
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