Chicago, May 10 – Credit Suisse AG, London Branch priced $1.88 million of contingent coupon autocallable reverse convertible securities due June 27, 2022 linked to the common stock of Generac Holdings Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.75% if the stock closes at or above its 60% coupon barrier on the review date for that period.
The notes will be called at par if the stock closes at or above its initial level on a quarterly call date starting after six months.
The payout at maturity will be par unless the stock finishes below its 60% knock-in level, in which case investors will be fully exposed to the decline, payable either in shares or cash at the issuer’s election.
Credit Suisse Securities (USA) LLC is the underwriter.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable reverse convertible securities
|
| Underlying stock: | Generac Holdings Inc.
|
| Amount: | $1,879,000
|
| Maturity: | June 27, 2022
|
| Coupon: | 10.75% annualized, payable quarterly if stock closes at or above coupon barrier on review date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless stock finishes below 60% knock-in level, in which case full exposure to decline, payable in shares or cash at issuer’s option
|
| Call: | At par if stock closes at or above its initial level on a quarterly call date starting after six months
|
| Initial level: | $313.73
|
| Coupon barrier level: | $188.238, 60% of initial level
|
| Knock-in level: | $188.238, 60% of initial level
|
| Pricing date: | March 22
|
| Settlement date: | March 25
|
| Underwriter: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.25%
|
| Cusip: | 22550MSH3
|
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