By Wendy Van Sickle
Columbus, Ohio, Jan. 9 – Credit Suisse AG priced $11.83 million of autocallable contingent income securities due Jan. 3, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 13% per year if the index closes at or above its downside threshold level, 85% of its initial level, on the observation date for that quarter.
The notes will be automatically called at par of $10 plus the contingent coupon if the index closes at or above its initial level on any quarterly observation date after six months.
If the index finishes at or above its downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will be fully exposed to the index’s decline from its initial level.
Credit Suisse Securities (USA) Inc. is the agent. Morgan Stanley Smith Barney LLC is acting as distributor.
| Issuer: | Credit Suisse AG
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| Issue: | Autocallable contingent income securities
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| Underlying index: | S&P 500 index
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| Amount: | $11.83 million
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| Maturity: | Jan. 3, 2020
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| Coupon: | 13% per year, payable quarterly if index closes at or above downside threshold level on observation date for that quarter
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| Price: | Par of $10.00
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| Payout at maturity: | If index finishes at or above downside threshold level, par plus final contingent coupon; otherwise, full exposure to index’s decline from initial level
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| Call: | Automatically at par plus contingent coupon if index closes at or above initial level on any quarterly observation date after six months
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| Initial level: | 2,488.83
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| Downside threshold: | 2,155.51, 85% of initial level
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| Pricing date: | Dec. 28
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| Settlement date: | Jan. 3
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| Agent: | Credit Suisse Securities (USA) Inc.
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| Distributor: | Morgan Stanley Smith Barney LLC
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| Fees: | 1.75%
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| Cusip: | 22551LSH4
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