By Wendy Van Sickle
Columbus, Ohio, Jan. 12 – Credit Suisse AG, London Branch priced $500,000 of contingent coupon autocallable yield notes due Dec. 27, 2022 linked to the least performing of two stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are the American Depositary Shares of BioNTech SE and the ordinary shares of JFrog Ltd.
The notes will pay a monthly contingent coupon at an annual rate of 9% if each stock closes at or above its coupon barrier, 50% of its initial level, on the observation date for that month.
The notes will be called at par if each stock closes at or above 75% of its initial level on any monthly trigger observation date after three months.
The payout at maturity will be par unless neither stock finishes above its upper threshold, 90% of its initial level, and either stock finishes below its 50% knock-in level, in which case investors will be fully exposed to the losses of the least-performing stock.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes with upper threshold feature
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| Underlying stocks: | BioNTech SE and JFrog Ltd.
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| Amount: | $500,000
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| Maturity: | Dec. 27, 2022
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| Coupon: | 9% per year, payable monthly if each stock closes at or above its coupon barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par unless either stock finishes below its knock-in level and neither finishes above 90% upper threshold level, in which case full exposure to the losses of the least-performing stock
|
| Call: | Automatically at par if each stock closes at or above trigger level on any monthly trigger observation date after three months
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| Initial prices: | $106.46 for BioNTech, $68.08 for JFrog
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| Upper threshold levels: | $95.814 for BioNTech, $61.272 for JFrog; 90% of initial levels
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| Trigger levels: | $79.845 for BioNTech, $51.06 for JFrog; 75% of initial levels
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| Coupon barriers: | $53.23 for BioNTech, $34.04 for JFrog; 50% of initial levels
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| Knock-in levels: | $53.23 for BioNTech, $34.04 for JFrog; 50% of initial levels
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| Pricing date: | Dec. 21
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| Settlement date: | Dec. 24
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 22552WZB4
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