By Kiku Steinfeld
Chicago, Oct. 5 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable reverse convertible securities due July 14, 2022 linked to the lowest performing of the common stocks of Roku, Inc. and Micron Technology, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly at an annual rate of 15% if each stock closes above its coupon barrier, 60% of its initial level, on the related observation date, in which case any previously unpaid coupons will also be paid.
The notes will be called at par 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 unless either of the stocks finishes below its 60% knock-in level, in which case investors will receive a number of shares of the lesser 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.
Citigroup Global Markets Inc. is the placement agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable reverse convertible securities
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Underlying stocks: | Roku, Inc. and Micron Technology, Inc.
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Amount: | $1 million
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Maturity: | July 14, 2022
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Coupon: | 15% per year, payable quarterly plus any previously unpaid coupons 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 either stock finishes below knock-in price, in which case shares of lesser 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 both stocks close at or above initial share price on any quarterly trigger observation date after six months
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Initial prices: | $78.74 for Micron and $431.61 for Roku
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Coupon barrier levels: | $47.244 for Micron and $258.966 for Roku, 60% of initial levels
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Knock-in levels: | $47.244 for Micron and $258.966 for Roku, 60% of initial levels
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Pricing date: | July 9
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Settlement date: | July 14
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Placement agent: | Citigroup Global Markets Inc.
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Fees: | 2%
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Cusip: | 22550MUS6
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