By William Gullotti
Buffalo, N.Y., July 22 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due July 22, 2024 linked to the least performing of the stocks of Bank of America Corp. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 6.35% if each stock closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be called at par plus coupon if each stock closes at or above its initial level on any quarterly trigger observation date after six months.
The payout at maturity will be par unless any stock finishes below its 70% knock-in level, in which case investors will be fully exposed to the losses of the least-performing stock.
The agent is Credit Suisse Securities (USA) LLC.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying stocks: | Bank of America Corp., JPMorgan Chase & Co.
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Amount: | $1 million
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Maturity: | July 22, 2024
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Coupon: | 6.35% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below its knock-in level, in which case full exposure to the losses of the least-performing stock
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Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly trigger observation date after six months
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Initial levels: | $38.83 for BofA, $155.46 for JPMorgan
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Coupon barriers: | $27.181 for BofA, $108.822 for JPMorgan; 70% of initial levels
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Knock-in levels: | $27.181 for BofA, $108.822 for JPMorgan; 70% of initial levels
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Pricing date: | July 15
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Settlement date: | July 20
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.35%
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Cusip: | 22552XQQ9
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