By William Gullotti
Buffalo, N.Y., July 16 – Credit Suisse AG, London Branch priced $1.28 million of contingent coupon autocallable reverse convertibles due July 17, 2023 linked to the performance of the class C capital stock of Zillow Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 11.25% if the stock closes at or above its coupon barrier price, 60% of its initial price, on the related observation date.
The notes will be called at par plus coupon if the stock closes at or above the initial price on any quarterly call observation date.
If the stocks finishes at or above the knock-in price, 60% of the initial price, the payout will be par plus the final coupon. Otherwise, investors will receive a number of shares equal to $1,000 divided by the stock’s initial share price or the cash equivalent at the issuer’s option.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable reverse convertibles
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| Underlying stocks: | Zillow Group, Inc.
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| Amount: | $1,278,000
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| Maturity: | July 17, 2023
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| Coupon: | 11.25% per year, payable quarterly if the stock closes at or above its coupon barrier price on the related observation date
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| Price: | Par
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| Payout at maturity: | Par plus the final coupon if the stock finishes equal to or above its knock-in price; otherwise, investors will receive a number of shares equal to $1,000 divided by the stock’s initial share price or the cash equivalent at the issuer’s option
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| Call: | Automatically at par plus coupon if the stock closes at or above initial price on any quarterly call observation date
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| Initial share price: | $105.95
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| Coupon barrier price: | $63.57; 60% of initial price
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| Knock-in level: | $63.57; 60% of initial price
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| Pricing date: | July 14
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| Settlement date: | July 16
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4%
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| Cusip: | 22550MUH0
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