By Angela McDaniels
Tacoma, Wash., May 20 - Credit Suisse AG, London Branch priced $16.97 million of trigger phoenix autocallable notes due May 22, 2024 linked to the worst performing of the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index closes at or above its coupon barrier, 70% of its initial level, on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at the rate of 7.88% per year. Otherwise, no coupon will be paid that quarter.
Beginning one year after issuance, the notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on a quarterly observation date.
If the notes are not called and each index finishes at or above its trigger level, 50% of its initial level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be exposed to the decline of the worst-performing index from its initial level.
UBS Financial Services Inc. is the distributor.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Trigger phoenix autocallable notes
|
| Underlying indexes: | Russell 2000 index and Euro Stoxx 50 index
|
| Amount: | $16,965,870
|
| Maturity: | May 22, 2024
|
| Coupon: | If each index closes at or above coupon barrier level on quarterly observation date, coupon paid that quarter at rate of 7.88% per year
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above trigger level, par plus contingent coupon; otherwise, full exposure to decline of worst-performing index from initial level
|
| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly observation date beginning one year after issuance
|
| Initial levels: | 1,102.905 for Russell 2000 and 3,172.72 for Euro Stoxx 50
|
| Coupon barriers: | 772.03 for Russell 2000 and 2,220.90 for Euro Stoxx 50; 70% of initial levels
|
| Trigger levels: | 551.45 for Russell 2000 and 1,586.36 for Euro Stoxx 50; 50% of initial levels
|
| Pricing date: | May 16
|
| Settlement date: | May 21
|
| Distributor: | UBS Financial Services Inc.
|
| Fees: | 3.5%
|
| Cusip: | 22547T100
|
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