By Wendy Van Sickle
Columbus, Ohio, June 15 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due May 20, 2024 linked to the least performing of the shares of Wells Fargo & Co. and Fifth Third Bancorp, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 9.6% if each stock closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless any stock finishes below its 70% knock-in level, in which case investors will be fully exposed to any losses of the least-performing stock.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Wells Fargo & Co. and Fifth Third Bancorp
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| Amount: | $1 million
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| Maturity: | May 20, 2024
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| Coupon: | 9.6% per year, payable quarterly if each stock closes at or above its barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in level, in which full exposure to the losses of the least performing stock
|
| Call: | Automatically if each stock closes at or above initial level on any quarterly trigger observation date
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| Initial prices: | $47.90 for Wells Fargo, $42.90 for Fifth Third
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| Coupon barriers: | $33.53 for Wells Fargo, $30.03 for Fifth Third, 70% of initial levels
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| Knock-in levels: | $33.53 for Wells Fargo, $30.03 for Fifth Third, 70% of initial levels
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| Pricing date: | May 17
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| Settlement date: | May 20
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.75%
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| Cusip: | 22552XLF8
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