By William Gullotti
Buffalo, N.Y., Nov. 24 – Credit Suisse AG, London Branch priced $4.47 million of contingent coupon autocallable reverse convertible securities due Dec. 27, 2022 linked to the performance of the common stock of Freeport-McMoRan Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annualized rate of 11.7% if the stock closes at or above its coupon barrier price, 68% of its initial price, on the related observation date.
The notes will be automatically called at par plus the coupon if the stock closes at or above the initial price on any monthly call observation date after six months.
If the stock finishes at or above the knock-in price, 68% of the initial price, the payout will be par plus the final coupon. Otherwise, investors will receive a number of shares equal to $1,000 divided by the stock’s initial share price or the cash equivalent at the issuer’s option.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stocks: | Freeport-McMoRan Inc.
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| Amount: | $4,474,000
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| Maturity: | Dec. 27, 2022
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| Coupon: | 11.7% per year, payable monthly if the stock closes at or above its coupon barrier price on the related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon if the stock finishes equal to or above its knock-in price; otherwise, investors will receive a number of shares equal to $1,000 divided by the stock’s initial share price or the cash equivalent at the issuer’s option
|
| Call: | At par plus coupon if the stock closes at or above initial price on any monthly call observation date after six months
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| Initial share price: | $38.28
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| Coupon barrier price: | $26.0304; 68% of initial price
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| Knock-in level: | $26.0304; 68% of initial price
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| Pricing date: | Nov. 19
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| Settlement date: | Nov. 24
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.15%
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| Cusip: | 22550MXH7
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