By Kiku Steinfeld
Chicago, Nov. 7 – Credit Suisse AG, London Branch priced $1 million of 17.35% autocallable reverse convertible securities due March 13, 2023 linked to the common stock of Marvell Technology, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be automatically called if the closing share price is equal to or greater than the initial price on either of two quarterly observation dates after six months.
The payout at maturity will be par unless the stock finishes below the knock-in price, 70% of the initial share price, in which case the payout will be a number of shares equal to $10,000 divided by the initial share price or, at the issuer's option, the value of those shares in cash.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Autocallable reverse convertible securities
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Underlying stock: | Marvell Technology, Inc.
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Amount: | $1 million
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Maturity: | March 13, 2023
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Coupon: | 17.35% annual rate, payable monthly
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Price: | Par of $10,000
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Payout at maturity: | Par unless stock finishes below knock-in price, in which case full exposure to loss of stock payable in shares or cash at issuer’s election
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Call: | At par if closing share price on either of two quarterly observation dates after six months is at or above initial share price
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Initial share price: | $64.51
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Knock-in price: | $45.157, 70% of initial share price
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Pricing date: | March 8
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Settlement date: | March 11
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 1%
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Cusip: | 22550MZL6
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