By Wendy Van Sickle
Columbus, Ohio, Dec. 11 – Credit Suisse AG, London Branch priced $1.2 million of autocallable reverse convertible notes with contingent coupons due June 3, 2022 linked to the least performing of the SPDR Gold trust and the iShares Silver trust, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly at an annualized rate of 6% if the funds close above their coupon barriers, 65% of their initial levels, on the observation date for the quarter.
The notes will be called at par if both funds close at or above their initial share prices on any quarterly trigger observation date.
If the notes are not called, the payout at maturity will be par unless either fund finishes below its initial level and either fund ever closes below its trigger level, 65% of its initial price, during the life of the notes, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price for that fund 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: | Autocallable reverse convertible notes with contingent coupons
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| Underlying funds: | SPDR Gold trust, iShares Silver trust
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| Amount: | $1.2 million
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| Maturity: | June 3, 2022
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| Coupon: | 6% payable quarterly if funds close 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 initial price and either fund ever closes below trigger trigger price, in which case a number of shares equal to $1,000 divided by the initial share price or cash value represent full exposure to decline of worst performer
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| Call: | At par if each asset closes at or above initial share price on any quarterly trigger observation date
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| Initial levels: | $21.63 for Silver, $169.59 for Gold
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| Coupon barriers: | $14.0595 for Silver, $110.2335 for Gold; 65% of initial share price
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| Trigger prices: | $14.0595 for Silver, $110.2335 for Gold; 65% of initial share price
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| Pricing date: | Nov. 25
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| Settlement date: | Dec. 3
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.5%
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| Cusip: | 22550MMG1
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