New Issue: Credit Suisse sells $1.4 million contingent coupon autocallables on pharma stocks

By Kiku Steinfeld

Chicago, Feb. 9 – Credit Suisse AG, London Branch priced $1.4 million of contingent coupon autocallable yield notes with upper threshold feature due July 29, 2022 linked to the American Depositary Shares of BioNTech SE and AstraZeneca PLC and the common stocks of Moderna, Inc. and Pfizer Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a quarterly contingent coupon at an annual rate of 18.5% if each stock closes at or above its coupon barrier, 65% of its initial level, on the observation date for that quarter, in which case any previously unpaid coupons will also be paid.

The notes will be called at par if each stock closes at or above its initial level on any observation date.

The payout at maturity will be par unless any stock finishes below its 60% knock-in level and no stock finishes above its initial level, in which case investors will be fully exposed to the losses of the least-performing stock.

The agent is Credit Suisse Securities (USA).

Issuer:	Credit Suisse AG, London Branch
Issue:	Contingent coupon autocallable yield notes with upper threshold feature
Underlying stocks:	Moderna, Inc., Pfizer Inc., BioNTech SE and AstraZeneca PLC
Amount:	$1.4 million
Maturity:	July 29, 2022
Coupon:	18.5% per year, payable quarterly plus any previously unpaid coupons if each stock closes at or above its coupon barrier level on quarterly observation date
Price:	Par
Payout at maturity:	Par unless any stock finishes below its knock-in level and no stocks finish above initial 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 initial level on any observation date
Initial prices:	$131.02 for Moderna, $36.55 for Pfizer, $108.44 for BioNTech, $53.25 for AstraZeneca
Coupon barriers:	$85.163 for Moderna, $23.7575 for Pfizer, $70.486 for BioNTech, $34.6125 for AstraZeneca; 65% of initial levels
Knock-in levels:	$78.612 for Moderna, $21.93 for Pfizer, $65.064 for BioNTech, $31.95 for AstraZeneca; 60% of initial levels
Pricing date:	Jan. 25
Settlement date:	Jan. 29
Agent:	Credit Suisse Securities (USA)
Fees:	1.2%
Cusip:	22552X6R9

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