By William Gullotti
Buffalo, N.Y., April 4 – Credit Suisse AG, London Branch priced $4.74 million of contingent coupon autocallable reverse convertibles due May 10, 2022 linked to the performance of the common stock of Ford Motor Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 12.5% if the stock closes at or above its coupon barrier price, 70% of its initial price, on the related observation date.
The notes will be called at par plus the coupon due if the stock closes at or above the initial price on any quarterly call observation date.
If the stock finishes at or above the knock-in price, 70% of the initial price, the payout will be par plus the final coupon. If the stock finishes below its knock-in price, investors will be fully exposed to the losses from its initial level, with the proceeds delivered in shares of the least-performing stock or cash at the issuer’s election.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable reverse convertibles
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| Underlying stock: | Ford Motor Co.
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| Amount: | $4,735,000
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| Maturity: | May 10, 2022
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| Coupon: | 12.5% per year, payable quarterly if the stock closes at or above its coupon barrier price on the related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon if the stock finishes equal to or above its knock-in price; otherwise, full exposure to losses of stock, with proceeds delivered in shares of the least-performing stock or cash at the issuer’s election
|
| Call: | At par plus the coupon due if the stock closes at or above initial price on any quarterly call observation date
|
| Initial share price: | $11.61
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| Coupon barrier price: | $8.127; 70% of initial price
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| Knock-in level: | $8.127; 70% of initial price
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| Pricing date: | May 5, 2021
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| Settlement date: | May 10, 2021
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| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 1.25%
|
| Cusip: | 22550MTB5
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