By Kiku Steinfeld
Chicago, Feb. 28 – Credit Suisse AG, London Branch priced $5 million of contingent coupon autocallable reverse convertible securities due Feb. 28, 2022 linked to the least performing of the common stocks of MGM Resorts International and Wynn Resorts, Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly at an annualized rate of 11.6% plus any previously unpaid contingent coupons if each stock closes above its coupon barrier, 50% of its initial level, on the observation date for that quarter.
The notes will be called at par plus any previously unpaid contingent coupons if each stock closes at or above its initial price on any observation date other than the final one.
If the notes are not called, the payout at maturity will be par unless any stock finishes below its 50% knock-in level, in which case investors will receive a number of shares of the least performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stocks: | MGM Resorts International and Wynn Resorts, Ltd.
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| Amount: | $5,000,000
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| Maturity: | Feb. 28, 2022
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| Coupon: | Payable quarterly at 11.6% per year plus any previously unpaid contingent coupons if each stock closes above coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either stock finishes below knock-in price, in which case shares of least performing stock equal to $1,000 divided by initial share price or amount in cash equal to value of those shares
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| Call: | At par plus contingent coupon and any previously unpaid coupons if each stock closes at or above initial price on any observation date other than final one
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| Initial prices: | $133.33 for MGM, $32.34 for Wynn
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| Coupon barrier/knock-in levels: | $66.665 for MGM, $16.17 for Wynn; 50% of initial levels
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| Pricing date: | Feb. 20
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| Settlement date: | Feb. 27
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.5%
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| Cusip: | 22550MBE8
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