By Kiku Steinfeld
Chicago, May 10 – Credit Suisse AG, London Branch priced $840,000 of contingent coupon autocallable reverse convertible securities due July 6, 2022 linked to the performance of the common stock of Occidental Petroleum Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 15.75% if the stock closes at or above its coupon barrier price, 65% of its initial price, on the related observation date.
The notes will be automatically called at par plus the coupon if the stock closes at or above the initial price on any quarterly call observation date.
If the stock finishes at or above the knock-in price, 65% of the initial price, the payout will be par plus the final coupon. Otherwise, investors will receive a number of shares equal to $1,000 divided by the stock’s initial share price or the cash equivalent at the issuer’s option.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable reverse convertible securities
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Underlying stocks: | Occidental Petroleum Corp.
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Amount: | $840,000
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Maturity: | July 6, 2022
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Coupon: | 15.75% per year, payable quarterly if the stock closes at or above its coupon barrier price on the related observation date
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Price: | Par
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Payout at maturity: | Par plus the final coupon if the stock finishes equal to or above its knock-in price; otherwise, investors will receive a number of shares equal to $1,000 divided by the stock’s initial share price or the cash equivalent at the issuer’s option
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Call: | At par plus coupon if the stock closes at or above initial price on any quarterly call observation date
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Initial share price: | $29.58
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Coupon barrier price: | $19.227; 65% of initial price
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Knock-in level: | $19.227; 65% of initial price
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Pricing date: | Sept. 30, 2021
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Settlement date: | Oct. 7, 2021
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 1.5%
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Cusip: | 22550MCT4
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