By Susanna Moon
Chicago, April 27 – Credit Suisse AG, London branch priced $5.17 million of trigger autocallable contingent yield notes due April 23, 2021 linked to the Delta Air Lines, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 9% if the stock closes at or above its 64.5% coupon barrier on the observation date for that quarter.
The notes will be called if the stock closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless the stock finishes below its 64.5% downside threshold, in which case investors will be fully exposed to any losses.
UBS Financial Services Inc. and Credit Suisse Securities (USA) LLC are the agents.
| Issuer: | Credit Suisse AG, London branch
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying stock: | Delta Air Lines, Inc. (Symbol: DAL)
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| Amount: | $5.17 million
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| Maturity: | April 23, 2021
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| Coupon: | 9.04% annualized, payable quarterly if stock closes at or above its 64.5% coupon barrier on observation date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | If stock finishes at or above downside threshold, par; otherwise, 1% loss per 1% decline
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| Call: | At par if stock closes at or above its initial level on each quarterly observation date beginning Oct. 22, 2018
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| Initial level: | $55.40
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| Downside threshold: | $35.73, 64.5% of initial level
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| Pricing date: | April 20
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| Settlement date: | April 26
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| Agents: | UBS Financial Services Inc. and Credit Suisse Securities (USA) LLC
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| Fees: | 2%
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| Cusip: | 22549M335
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