By Wendy Van Sickle
Columbus, Ohio, Nov. 21 – Credit Suisse AG, London Branch priced $3.83 million of contingent coupon autocallable yield notes due Dec. 4, 2020 linked to Cisco Systems, Inc. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the coupon barrier level, 76.25% of the initial share price, on a quarterly observation date, the notes will pay a contingent payment for that quarter at a rate of 10% per year. In this event, a coupon will also be paid for any previously unpaid quarter during the life of the notes.
The notes will be called at par plus the contingent coupon if the stock closes at or above initial price on any quarterly trigger observation date.
If the notes are not called, the payout at maturity will be par unless the share price finishes below the 76.25% knock-in level, in which case investors will lose 1% for each 1% decline of the stock.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stock: | Cisco Systems, Inc.
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| Amount: | $3,828,000
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| Maturity: | Dec. 4, 2020
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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, in which case a coupon will also be paid for any previously unpaid quarter during life of notes
|
| Price: | Par
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| Payout at maturity: | Par unless the share price finishes below knock-in, in which case investors will lose 1% for each 1% decline of the stock
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| Call: | Automatically at par plus contingent coupon if the stock closes at or above its initial level on any quarterly trigger observation date
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| Initial share price: | $45.09
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| Coupon barrier/knock-in price: | $34.38, 76.25% of initial share price
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| Pricing date: | Nov. 15
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| Settlement date: | Nov. 20
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| Placement gents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1.75%
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| Cusip: | 22551NAS5
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