By Wendy Van Sickle
Columbus, Ohio, June 20 – Credit Suisse AG priced $220,000 of autocallable contingent income securities due Sept. 17, 2020 linked to the Euro Stoxx Banks index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.8% if the index closes at or above its 75% coupon barrier every day that quarter.
The notes will be called at par of $10 plus the contingent coupon if the index closes at or above its initial level on any observation date.
The payout at maturity will be par plus the contingent coupon unless the index finishes below its 75% downside threshold, in which case investors will be fully exposed to any losses.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Smith Barney LLC is handling distribution.
| Issuer: | Credit Suisse AG
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| Issue: | Autocallable contingent income securities
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| Underlying index: | Euro Stoxx Banks index
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| Amount: | $220,000
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| Maturity: | Sept. 17, 2020
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| Coupon: | 9.8% per year, payable quarterly if index closes at or above coupon barrier every day that quarter
|
| Price: | Par
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| Payout at maturity: | If index finishes at or above downside threshold, par; otherwise, full exposure to decline
|
| Call: | At par if index closes at or above initial level on any observation date
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| Initial level: | 114.13
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| Coupon barrier/downside threshold: | 86.50; 75% of initial level
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| Pricing date: | June 14
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| Settlement date: | June 19
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| Agent: | Credit Suisse Securities (USA) LLC
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| Distribution: | Morgan Stanley Smith Barney LLC
|
| Fees: | 2.5%
|
| Cusip: | 22550WXP7
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