By William Gullotti
Buffalo, N.Y., March 24 – Credit Suisse AG, London Branch priced $2 million of contingent coupon autocallable yield notes due March 23, 2026 linked to the performance of the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly at an annualized rate of 11.7% if the index closes above its coupon barrier, 75% of its initial level, on the observation date for the period.
The notes will be called at par plus the coupon if the index closes at or above initial level on any quarterly trigger observation date after six months.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the index finishes below its knock-in level, 75% of the initial level, in which case investors be fully exposed to the losses of the index.
The agent is Credit Suisse Securities (USA) LLC with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying index: | Russell 2000 index
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| Amount: | $2 million
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| Maturity: | March 23, 2026
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| Coupon: | 11.7% annual rate, payable quarterly if index closes at or above coupon barrier on observation day for that period
|
| Price: | Par
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| Payout at maturity: | Par plus final coupon unless index finishes below knock-in level, in which case investors will lose 1% for each 1% decline of the index from its initial level
|
| Call: | Automatically at par plus coupon if the index closes at or above initial level on any quarterly trigger observation date after six months
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| Initial level: | 2,086.143
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| Coupon barrier/knock-in level: | 1,564.60725; 75% of initial level
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| Pricing date: | March 18
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| Settlement date: | March 23
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| Agent: | Credit Suisse Securities (USA) LLC
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| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | None
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| Cusip: | 22553PNK1
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