By Toni Weeks
San Luis Obispo, Calif., Aug. 27 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due Aug. 28, 2019 linked to the common stock of DSW Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If DSW stock closes at or above the coupon barrier level, 75% of the initial share price, on a quarterly observation date, the notes will pay a contingent payment for that period at a rate of 8.4% per year.
If the closing share price is greater than or equal to the initial share price on any quarterly observation date, the notes will be automatically redeemed at par plus the contingent payment.
If the notes are not called, the payout at maturity will be par unless the final share price is less than the 75% knock-in price, in which case investors will receive a number of shares of DSW stock equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash value of those shares.
JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying stock: | DSW Inc. (Symbol: DSW)
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| Amount: | $1 million
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| Maturity: | Aug. 28, 2019
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| Contingent payment: | 8.4% per year, payable quarterly if DSW 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: | If share price finishes below 75% knock-in price, 35.2485 shares or, at issuer’s option, cash value of those shares; otherwise, par
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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 observation date
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| Initial share price: | $28.37
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| Coupon barrier/knock-in price: | $21.2775, 75% of initial share price
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| Pricing date: | Aug. 25
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| Settlement date: | Aug. 28
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| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
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| Fees: | 3%
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| Cusip: | 22547QSJ6
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