By Kiku Steinfeld
Chicago, June 24 – Credit Suisse AG, London Branch priced $3.6 million of 23% contingent coupon autocallable reverse convertible securities due June 22, 2021 linked to the least performing of the SPDR S&P Homebuilders exchange-traded fund and Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly if each fund closes above its coupon barrier, 75% of its initial level, on the related observation date.
The notes will be called at par if the shares of the least performing fund close at or above its initial price on any quarterly trigger observation date.
The payout at maturity will be par unless either of the funds finishes below its 75% knock-in level, in which case investors will receive a number of shares of the least performing fund 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 funds: | SPDR S&P Homebuilders ETF and Financial Select Sector SPDR fund
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| Amount: | $3,595,000
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| Maturity: | June 22, 2021
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| Coupon: | 23% per year, payable quarterly if each fund closes above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par unless either fund finishes below knock-in price, in which case shares of least performing fund 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 plus the coupon if each shares close at or above initial share price on any quarterly trigger observation date
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| Initial prices: | $44.45 for Homebuilders, $24.17 for Financial Select Sector
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| Coupon barrier/knock-in levels: | $33.3375 for Homebuilders, $18.1275 for Financial Select Sector; 75% of initial levels
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| Pricing date: | June 17
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| Settlement date: | June 22
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.25%
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| Cusip: | 22550MFX2
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