By Angela McDaniels
Tacoma, Wash., April 11 – Credit Suisse AG priced $3.06 million of autocallable contingent income securities due Oct. 10, 2019 linked to the common stock of Hess Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at the rate of 15.25% per year if the stock closes at or above its downside threshold level, 75% of its initial share price, on the observation date for that month.
The notes will be automatically called at par of $10 plus the contingent coupon if the stock closes at or above its initial share price on any monthly observation date.
If the stock finishes at or above the downside threshold level, the payout at maturity will be par plus the final contingent coupon. If the stock finishes below the downside threshold level, investors will lose 1% for every 1% that the stock declines from its initial share price.
Credit Suisse Securities (USA) Inc. is the agent. Morgan Stanley Smith Barney LLC is acting as distributor.
| Issuer: | Credit Suisse AG
|
| Issue: | Autocallable contingent income securities
|
| Underlying stock: | Hess Corp. (Symbol: HES)
|
| Amount: | $3,055,700
|
| Maturity: | Oct. 10, 2019
|
| Coupon: | 15.25% per year, payable monthly if stock closes at or above downside threshold level on observation date for that month
|
| Price: | Par of $10.00
|
| Payout at maturity: | If stock finishes at or above downside threshold level, par plus final contingent coupon; otherwise, 1% loss for every 1% that stock declines from initial share price
|
| Call: | Automatically at par plus contingent coupon if stock closes at or above initial share price on any monthly observation date
|
| Initial share price: | $63.00
|
| Downside threshold: | $47.25, 75% of initial share price
|
| Pricing date: | April 5
|
| Settlement date: | April 10
|
| Agent: | Credit Suisse Securities (USA) Inc.
|
| Distributor: | Morgan Stanley Smith Barney LLC
|
| Fees: | 1.25%
|
| Cusip: | 22550F120
|
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