By Wendy Van Sickle
Columbus, Ohio, April 1 – Credit Suisse AG, London Branch priced $8.3 million of contingent income autocallable securities due April 1, 2024 linked to the class B common shares of ViacomCBS Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 13% if the stock closes at or above its coupon barrier, 50% of its initial level, on the determination date for that period.
The notes will be called at par plus the contingent coupon if the stock closes above its initial level on any quarterly redemption date.
The payout at maturity will be par unless the stock finishes below its 50% downside threshold, in which case investors will be fully exposed to any losses of the stock.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Wealth Management is a dealer.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent income autocallable securities
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Underlying stock: | ViacomCBS Inc.
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Amount: | $8,302,310
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Maturity: | April 1, 2024
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Coupon: | 13% per year, payable each quarter that stock closes at or above coupon barrier on observation date for that quarter
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Price: | Par of $10
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Payout at maturity: | If final share price is greater than or equal to downside threshold level, par; otherwise, full exposure to stock’s decline
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Call: | Par plus the contingent coupon if the stock closes above its initial level on any quarterly redemption date
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Initial share price: | $48.23
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Coupon threshold level: | $24.12, 50% of initial share price
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Downside threshold level: | $24.12, 50% of initial share price
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Pricing date: | March 26
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Settlement date: | March 31
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Agent: | Credit Suisse Securities (USA) LLC
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Dealer: | Morgan Stanley Wealth Management LLC
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Fees: | 2.5%
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Cusip: | 22701F723
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