By Wendy Van Sickle
Columbus, Ohio, Dec. 7 – Credit Suisse AG, London Branch priced $2.27 million of contingent coupon autocallable yield notes due Dec. 19, 2018 linked to the common stock of Applied Materials, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter the notes will pay a contingent coupon at an annual rate of 10% if the shares close at or above the coupon barrier, 66% of the initial level, for that quarter.
The notes will be called at par plus the contingent coupon if the shares close at or above the initial level on any quarterly trigger observation date starting March 15, 2018.
The payout at maturity will be par unless the shares finish below the knock-in level, 66% of the initial share price, in which case investors will lose 1% for each 1% decline in the stock from its initial level.
J.P. Morgan is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stock: | Applied Materials, Inc.
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| Amount: | $2.27 million
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| Maturity: | Dec. 19, 2018
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| Contingent payment: | 10% per year, payable quarterly if stock closes at or above coupon barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par, unless share price finishes below knock-in price, in which case 1% loss for each 1% decline
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| Call: | Automatically at par plus contingent payment if closing share price is greater than or equal to initial share price on any quarterly trigger observation date starting March 15, 2018
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| Initial share price: | $51.91
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| Coupon barrier/knock-in price: | $34.2606, 66% of initial share price
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| Pricing date: | Dec. 1
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| Settlement date: | Dec. 6
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| Placement agent: | J.P. Morgan
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| Fees: | 1%
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| Cusip: | 22550BRZ8
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