By William Gullotti
Buffalo, N.Y., Feb. 14 – Credit Suisse AG, London Branch priced $1 million of fixed-to-floating rate securities due Feb. 14, 2028 linked to SOFR, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid quarterly.
The initial fixed rate will be 10% per annum. Starting Feb. 14, 2024, interest will accrue at a rate equal to compounded daily SOFR plus 100 basis points, subject to floor of 0%.
The payout at maturity will be par plus any interest.
Barclays is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Fixed-to-floating rate securities
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| Underlying: | SOFR
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| Amount: | $1 million
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| Maturity: | Feb. 14, 2028
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| Coupon: | 10% annualized for first year; starting Feb. 14, 2024, SOFR plus 100 bps, subject to a ceiling of 4.6% and floor of 0%; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par plus any interest
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| Pricing date: | Feb. 10
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| Settlement date: | Feb. 14
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| Placement agent: | Barclays Capital Inc.
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| Fees: | 1.7%
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| Cusip: | 22553QQK6
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