By Sarah Lizee
Olympia, Wash., March 9 – Credit Suisse AG, London Branch, priced $5 million of 10.7% autocallable fixed-income securities due April 1, 2021 linked to the common stock of Zoom Video Communications, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if the stock closes at or above its initial level on any monthly observation date.
If the notes are not called and the final level of the stock is greater than or equal to its buffer level, 50% of its initial level, the payout will be par.
Otherwise, investors will lose 2% for every 1% decline of the stock, and the redemption amount will equal the physical delivery amount (a number of shares of the stock rounded down to the nearest whole number and equal to the product of $1,000 divided by the buffer level and the share adjustment factor, which is 1) plus cash in lieu of any fractional shares, subject to the issuer’s election to pay cash instead of shares.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Smith Barney LLC is the dealer.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable fixed-income securities
|
| Underlying ETF: | Zoom Video Communications, Inc.
|
| Amount: | $5 million
|
| Maturity: | April 1, 2021
|
| Coupon: | 10.7%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If the notes are not called and the final level of the stock is greater than or equal to its buffer level, par; otherwise, investors will lose 2% for every 1% decline of the stock, and the redemption amount will equal the physical delivery amount (a number of shares of the stock rounded down to the nearest whole number and equal to the product of $1,000 divided by the buffer level and the share adjustment factor, which is 1) plus cash in lieu of any fractional shares, subject to the issuer’s election to pay cash instead of shares
|
| Call: | At par if stock closes at or above initial level on any monthly observation date
|
| Initial price: | $105.00
|
| Buffer level: | $52.50. 50% of initial level
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 4
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Dealer: | Morgan Stanley Smith Barney LLC
|
| Fees: | 2%
|
| Cusip: | 22550MBN8
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
