By Jennifer Chiou
New York, Feb. 11 - Credit Suisse AG, London Branch priced $682,000 of contingent coupon autocallable yield notes due Feb. 25, 2015 linked to the common stock of KB Home, according to a 424B2 filing with the Securities and Exchange Commission.
If KB Home stock closes at or above the coupon barrier level, 70% of the initial share price, on a quarterly observation date, the notes will pay a contingent payment for that period at a rate of 15.3% per year.
If the closing share price is greater than or equal to the initial share price on any quarterly observation date, the notes will be automatically redeemed at par plus the contingent payment.
If the notes are not called and the final share price is greater than or equal to the 70% barrier level, the payout at maturity will be par plus the contingent payment. Otherwise, investors will be fully exposed to the decline in the stock price from the initial price.
The final stock price will be the average of the closing prices on five trading days ending Feb. 20, 2015.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the agents.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stock: | KB Home (Symbol: KBH)
|
| Amount: | $682,000
|
| Maturity: | Feb. 25, 2015
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| Contingent payment: | 15.3% per year, payable quarterly if KB Home stock closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If final share price is greater than or equal to 70% trigger level, par plus contingent payment; otherwise, full exposure to decline in stock price from initial price
|
| Call: | Automatically at par plus contingent payment if closing share price is greater than or equal to initial share price on any quarterly observation date
|
| Initial share price: | $18.92
|
| Coupon barrier level: | $13.244, 70% of initial share price
|
| Pricing date: | Feb. 7
|
| Settlement date: | Feb. 12
|
| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 1%
|
| Cusip: | 22547QGU4
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