By William Gullotti
Buffalo, N.Y., May 24 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due June 5, 2023 linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly at an annualized rate of 9.16% if the index closes above its coupon barrier, 70% of its initial level, on the observation date for the period. Previously unpaid coupons, if any, will automatically be included whenever a contingent payment is made.
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.
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, 70% 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
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying index: | S&P 500 index
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| Amount: | $1 million
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| Maturity: | June 5, 2023
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| Coupon: | 9.16% annual rate, payable quarterly if index closes at or above coupon barrier on observation day for that period; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
|
| 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
|
| Initial level: | 3,923.68
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| Coupon barrier: | 2,746.58; 70% of initial level
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| Knock-in level: | 2,746.58; 70% of initial level
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| Strike date: | May 18
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| Pricing date: | May 19
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| Settlement date: | May 24
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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
|
| Fees: | 1%
|
| Cusip: | 22553PYQ6
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