By Kiku Steinfeld
Chicago, Nov. 24 – Credit Suisse AG, London Branch priced $650,000 of contingent coupon autocallable yield notes due Nov. 25, 2024 linked to the least performing of two stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are CVS Health Corp., Intel Corp. and Walgreens Boots Alliance, Inc.
The notes will pay a quarterly contingent coupon at an annual rate of 13.3% if each stock closes at or above its coupon barrier, 60% 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 trigger observation date starting May 19, 2021.
The payout at maturity will be par unless any stock finishes below its 60% knock-in level, in which case investors will be fully exposed to the losses of the least-performing stock.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | CVS Health Corp., Intel Corp. and Walgreens Boots Alliance, Inc.
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| Amount: | $650,000
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| Maturity: | Nov. 25, 2024
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| Coupon: | 13.3% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date
|
| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its knock-in level, in which case full exposure to the losses of the least-performing stock
|
| Call: | Automatically at par if each stock closes at or above initial level on any quarterly trigger observation date starting May 19, 2021
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| Initial prices: | $66.35 for CVS, $45.06 for Intel and $38.23 for Walgreens Boots
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| Coupon barriers: | $39.81 for CVS, $27.036 for Intel and $22.938 for Walgreens Boots; 60% of initial levels
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| Knock-in levels: | $39.81 for CVS, $27.036 for Intel and $22.938 for Walgreens Boots; 60% of initial levels
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| Pricing date: | Nov. 19
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| Settlement date: | Nov. 24
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.9%
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| Cusip: | 22552WU86
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