By Tali Rackner
Minneapolis, Oct. 19 – Credit Suisse AG priced $4.37 million of autocallable contingent income securities due Oct. 18, 2018 linked to the common stock of Applied Materials, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 12% per year if the stock closes at or above its coupon barrier level, 80% of its initial share price, on the observation date for that quarter.
The notes will be automatically called at par of $10 plus the contingent coupon if the stock closes at or above its initial share price on any quarterly observation date.
If the stock finishes at or above its 80% downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will be fully exposed to the stock’s decline from its initial share price.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Wealth Management is handling distribution.
| Issuer: | Credit Suisse AG
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| Issue: | Autocallable contingent income securities
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| Underlying stock: | Applied Materials, Inc. (Symbol: AMAT)
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| Amount: | $4,368,100
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| Maturity: | Oct. 18, 2018
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| Coupon: | 12% per year, payable quarterly if stock closes at or above 80% coupon barrier on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | If stock finishes at or above downside threshold, par; otherwise, full exposure to decline
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| Call: | At par if stock closes at or above initial level on any determination date other than final date
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| Initial share price: | $53.94
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| Coupon barrier/downside threshold: | $43.15, 80% of initial share price
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| Pricing date: | Oct. 13
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| Settlement date: | Oct. 18
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| Agent: | Credit Suisse Securities (USA) LLC
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| Distribution: | Morgan Stanley Wealth Management
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| Fees: | 1.75%
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| Cusip: | 22549D376
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