By Wendy Van Sickle
Columbus, Ohio, May 23 – Credit Suisse AG, London Branch priced $1.82 million of contingent coupon autocallable yield notes due May 24, 2018 linked to the common stocks of Celgene Corp., Gilead Sciences, Inc. and Regeneron Pharmaceuticals, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 22.6% if each stock closes at or above 70% of its initial level on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any quarterly observation date on or after Aug. 19, 2016.
The payout at maturity will be par unless any stock closes at or below its knock-in level, 70% of its initial level, in which case the payout will be the number of shares of the lowest performing stock equal to the physical delivery amount, plus a cash amount in respect of any fractional share.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Celgene Corp., Gilead Sciences, Inc. and Regeneron Pharmaceuticals, Inc.
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| Amount: | $1.82 million
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| Maturity: | May 24, 2018
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 22.6% per year unless any stock closes below barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in level, in which case number of shares of lowest performing stock equal to the physical delivery amount
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| Call: | Beginning Aug. 19, automatically at par if each stock closes at or above initial share price on any quarterly observation date
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| Initial share prices: | $99.94 for Celgene, $82.14 for Gilead and $383.30 for Regeneron
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| Barrier level: | $69.958 for Celgene, $57.498 for Gilead and $268.31 for Regeneron; 70% of initial share prices
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| Pricing date: | May 19
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| Settlement date: | May 26
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 22548Q6U4
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