By Emma Trincal
New York, Jan. 12 – Credit Suisse AG, London Branch priced $3.52 million of contingent coupon autocallable reverse convertible securities due Jan. 13, 2022 linked to the share price of Hilton Worldwide Holdings Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly at an annualized rate of 11.65% if the stock closes at or above its coupon barrier, 75% of its initial level, on the related observation date.
The notes will be called at par if the share price closes at or above its initial price on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless the price finishes below its 75% knock-in level, in which case investors will receive a number of Hilton shares 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.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable reverse convertible securities
|
| Underlying stock: | Hilton Worldwide Holdings Inc.
|
| Amount: | $3,515,000
|
| Maturity: | Jan. 13, 2022
|
| Coupon: | 11.65% annualized rate, payable quarterly if stock closes at or above coupon barrier price on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if stock finishes at or above final barrier price; otherwise, number of shares equal to par divided by initial share price or, at issuer’s option, cash equivalent
|
| Call: | Automatically at par plus coupon if stock closes at or above initial level on any quarterly valuation date
|
| Initial level: | $114.16
|
| Coupon barrier price: | $85.62, 75% of initial level
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| Barrier price: | $85.62, 75% of initial level
|
| Pricing date: | Jan. 8
|
| Settlement date: | Jan. 13
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 1.25%
|
| Cusip: | 22550MNT2
|
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