By Kiku Steinfeld
Chicago, July 29 – Credit Suisse AG, London Branch priced $500,000 of contingent coupon autocallable yield notes due July 28, 2020 linked to FedEx Corp. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
If FedEx closes at or above the coupon barrier level, 75% of the initial share price, on a quarterly observation date, the notes will pay a contingent coupon that quarter at a rate of 11.65% per year.
Beginning Oct. 24, the notes will be automatically called at par plus the coupon if the shares close at or above the initial price on any observation date other than the final one.
If the notes are not called and the final share price is greater than or equal to the knock-in level, 75% of the initial share price, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial level.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stock: | FedEx Corp.
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| Amount: | $500,000
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| Maturity: | July 28, 2020
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| Contingent coupon: | 11.65% per year, payable quarterly if stock closes at or above coupon barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par, unless stock closes below 75% coupon barrier price during life of the notes, in which case 1% loss for each 1% decline beyond initial share price
|
| Call: | Beginning Oct. 24, automatically at par plus coupon if stock closes at or above initial level on any observation date other than the final one
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| Initial price: | $162.74
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| Coupon barrier/knock-in price: | $122.06, 75% of initial share price
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| Pricing date: | July 12
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| Settlement date: | July 17
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| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1%
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| Cusip: | 22552FP63
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