By Taylor Fox
New York, Aug. 25 – Credit Suisse AG, London Branch priced $900,000 of contingent coupon autocallable reverse convertible securities due Feb. 13, 2023 linked to the common stock of Invitae Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annualized rate of 21.5% if the stock closes above its coupon barrier, 50% of its initial level, on the observation date for the period.
The notes will be called at par if the shares close at or above the initial share price on any monthly trigger observation date after six months.
If the notes are not called, the payout at maturity will be par unless the shares finish below their knock-in level, 50% of their initial price, in which case investors will receive a number of shares 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.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable reverse convertible securities
|
| Underlying stock: | Invitae Corp.
|
| Amount: | $900,000
|
| Maturity: | Feb. 13, 2023
|
| Coupon: | 21.5% annual rate, payable monthly if stock closes above coupon barrier on observation day for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless stock finishes below knock-in level, in which case a number of shares equal to $1,000 divided by the initial share price or cash value
|
| Call: | At par if shares close at or above initial share price on any monthly trigger observation date after six months
|
| Initial level: | $50.81
|
| Coupon barrier level: | $24.405; 50% of initial share price
|
| Knock-in level: | $24.405; 50% of initial share price
|
| Pricing date: | Feb. 9
|
| Settlement date: | Feb. 11
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 3%
|
| Cusip: | 22550MQW2
|
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