By Wendy Van Sickle
Columbus, Ohio, June 22 – Credit Suisse AG, London Branch priced $3.08 million of 15% contingent coupon autocallable reverse convertible securities due May 27, 2022 linked to the least performing of the stocks of FedEx Corp. and General Motors Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly if each stock closes above its coupon barrier, 80% of its initial level, on the related observation date, in which case any previously unpaid contingent coupons will also be paid.
The notes will be called at par if the shares of the least performing stock close at or above its initial price on any quarterly trigger observation date.
The payout at maturity will be par unless either of the stocks finishes below its 80% 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: | FedEx Corp. and General Motors Co.
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| Amount: | $3,081,000
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| Maturity: | May 27, 2022
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| Coupon: | 15% per year, payable quarterly plus any previously unpaid coupons if each stock closes above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless either 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 if each shares close at or above initial share price on any quarterly trigger observation date
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| Initial prices: | $56.60 for General Motors, $311.84 for FedEx
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| Coupon barrier/knock-in levels: | $45.28 for General Motors, $249.472 for FedEx; 80% of initial levels
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| Pricing date: | June 11
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| Settlement date: | June 16
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.75%
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| Cusip: | 22550MTK5
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