By Sarah Lizee
Olympia, Wash., April 18 – Credit Suisse AG, London Branch priced $893,000 of 11.14% contingent coupon autocallable reverse convertible securities due Oct. 21, 2020 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Baker Hughes, Fifth Third Bancorp and Capital One Financial Corp.
Interest is payable quarterly if each stock closes above its coupon barrier, 60% 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 its initial price on any quarterly trigger observation date.
The payout at maturity will be par unless any of the stocks finishes below its 60% 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
|
| Issue: | Contingent coupon autocallable reverse convertible securities
|
| Underlying stocks: | Baker Hughes, Fifth Third Bancorp and Capital One Financial Corp.
|
| Amount: | $893,000
|
| Maturity: | Oct. 21, 2020
|
| Coupon: | 11.14% per year, payable quarterly if each stock closes above coupon barrier on observation date
|
| Price: | Par
|
| 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
|
| Call: | At par plus the coupon if shares close at or above initial share price on any quarterly trigger observation date
|
| Initial prices: | $25.84 for Baker Hughes, $27.73 for Fifth Third, $87.91 for Capital One
|
| Coupon barrier/knock-in levels: | $15.504 for Baker Hughes, $16.638 for Fifth Third, $52.746 for Capital One; 60% of initial levels
|
| Pricing date: | April 16
|
| Settlement date: | April 22
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.5%
|
| Cusip: | 22549JL32
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