By Wendy Van Sickle
Columbus, Ohio, Oct. 14 – Credit Suisse AG, London Branch priced $1.8 million of contingent coupon autocallable reverse convertible securities due Oct. 15, 2021 linked to the least performing of the American Depositary Shares of Alibaba Group Holding Ltd. and the class A common stock of Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly at an annualized rate of 11.55% if each stock closes above its coupon barrier, 65% of its initial level, on the related observation date.
The notes will be called at par if the shares of the least performing stock close at or above its initial price on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless any of the stocks finishes below its 65% 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: | Alibaba Group Holding Ltd. and Alphabet Inc.
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| Amount: | $1.8 million
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| Maturity: | Oct. 15, 2021
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| Coupon: | 11.55% per year, payable quarterly if each stock closes above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par unless any 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 if shares close at or above initial share price on any quarterly observation date
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| Initial prices: | $299.74 for Alibaba, $1,510.45 for Alphabet
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| Coupon barrier/knock-in levels: | $194.831 for Alibaba, $981.7925 for Alphabet; 65% of initial levels
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| Pricing date: | Oct. 9
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| Settlement date: | Oct. 15
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.25%
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| Cusip: | 22550MKW8
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