By Wendy Van Sickle
Columbus, Ohio, Aug. 11 – Credit Suisse AG, London Branch priced $2.92 million of contingent coupon autocallable reverse convertibles due Aug. 4, 2022 linked to the lowest performing of the stocks of Carnival Corp. and Norwegian Cruise Line Holdings Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 21.2% if each stock closes at or above its coupon barrier price, 70% of its initial price, on the related observation date, plus any previously unpaid coupon.
The notes will be called at par plus the coupon due if all stocks close at or above their initial prices on any quarterly call observation date after six months.
If all stocks finish at or above their knock-in prices, 70% of their initial prices, the payout will be par plus the final coupon. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price.
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: | Carnival Corp., Norwegian Cruise Line Holdings Ltd.
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| Amount: | $2,918,000
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| Maturity: | Aug. 4, 2022
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| Coupon: | 21.2% per year, payable quarterly if each stock closes at or above its coupon barrier price on the related observation date, plus any previously unpaid coupon
|
| Price: | Par
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| Payout at maturity: | Par plus the final coupon if no stock finishes below its knock-in price; otherwise, investors will receive number of shares of worst performer equal to that stock’s equity ratio
|
| Call: | At par plus the coupon due if all stocks close at or above their initial prices on any quarterly call observation date after six months
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| Initial share prices: | $21.65 for Carnival, $24.03 for Norwegian
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| Coupon barrier prices: | $15.155 for Carnival, $16.821 for Norwegian; 70% of initial prices
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| Knock-in levels: | $15.155 for Carnival, $16.821 for Norwegian; 70% of initial prices
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| Pricing date: | July 30
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| Settlement date: | Aug. 4
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2%
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| Cusip: | 22550MVU0
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