By Wendy Van Sickle
Columbus, Ohio, March 5 – Credit Suisse AG, London Branch priced $586,000 of contingent coupon autocallable yield notes due Feb. 26, 2024 linked to the least performing of three common stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The underliers are State Street Corp., Caterpillar Inc. and Micron Technology, Inc.
Contingent coupons are payable monthly at an annual rate of 11.5% if each stock closes above its coupon barrier, 55% of its initial level, on the related observation date.
The notes will be called at par plus the coupon if the shares of the least performing stock close at or above their initial price on any quarterly trigger observation date after six months.
The payout at maturity will be par plus the coupon unless any of the stocks finishes below its 55% knock-in level, in which case investors will be fully exposed to the losses of the worst performing underlying.
Incapital LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | State Street Corp., Caterpillar Inc. and Micron Technology, Inc.
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| Amount: | $586,000
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| Maturity: | Feb. 26, 2024
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| Coupon: | 11.5% per year, payable monthly if each stock closes above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par plus coupon unless any stock finishes below knock-in price, in which case full exposure to losses of worst performing underlying
|
| Call: | At par if all shares close at or above initial share price on any quarterly trigger observation date after six months
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| Initial prices: | $74.06 for State Street, $220.18. for Caterpillar and $88.23 for Micron Technology
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| Coupon barriers: | $40.733 for State Street, $121.099 for Caterpillar and $48.5265 for Micron Technology; 55% of initial levels
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| Knock-in levels: | $40.733 for State Street, $121.099 for Caterpillar and $48.5265 for Micron Technology; 55% of initial levels
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| Pricing date: | Feb. 23
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| Settlement date: | Feb. 26
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| Agent: | Incapital LLC
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| Fees: | 3.5%
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| Cusip: | 22552XAU7
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