By Tali Rackner
Minneapolis, April 11 – Credit Suisse AG, London Branch priced $570,000 of contingent coupon autocallable reverse convertible securities due April 10, 2019 linked to the common stock of FedEx Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly at an annual rate of 9.15% if the stock closes at or above its 80% coupon barrier price on a quarterly observation date.
The notes will be called at par if the shares close at or above the initial share price on Oct. 5 or Jan. 7, 2019.
The payout at maturity will be par unless the shares finish below the initial level and close below the 80% knock-in price any day during the life of the notes, in which case investors will receive a number of FedEx 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 and Incapital LLC are the agents.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable reverse convertible securities
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Underlying stock: | FedEx Corp. (Symbol: FDX)
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Amount: | $570,000
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Maturity: | April 10, 2019
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Coupon: | 9.15% annualized, payable quarterly if stock closes at or above coupon barrier price on a quarterly observation date
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Price: | Par
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Payout at maturity: | Par unless FedEx stock finishes below initial level and closes below knock-in price any day during life of notes, 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 FedEx shares close at or above initial share price on Oct. 5 or Jan. 7, 2019
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Initial price: | $241.07
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Knock-in/barrier price: | $192.856, 80% of initial share price
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Pricing date: | April 5
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Settlement date: | April 10
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Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
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Fees: | 2.325%
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Cusip: | 22549JA67
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