By Taylor Fox
New York, Feb. 1 – Credit Suisse AG, London Branch priced $1.41 million of contingent coupon autocallable reverse convertible securities due Jan. 5, 2023 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Goldman Sachs Group, Inc., lululemon athletica inc. and Qualcomm Inc.
Interest is payable quarterly at an annual rate of 15% if each stock closes above its coupon barrier, 60% of its initial level, on the related observation date.
The notes will be called at par if the shares of the least performing stock close at or above their initial price on any quarterly trigger observation date after six months.
The payout at maturity will be par unless any of the stocks finishes below its 60% knock-in level, in which case investors will receive a number of shares of the least performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable reverse convertible securities
|
| Underlying stocks: | Goldman Sachs Group, Inc., lululemon athletica inc. and Qualcomm Inc.
|
| Amount: | $1,410,000
|
| Maturity: | Jan. 5, 2023
|
| Coupon: | 15% per year, payable quarterly if each stock closes above coupon barrier on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below knock-in price, in which case shares of least performing stock equal to $1,000 divided by initial share price or amount in cash equal to value of those shares
|
| Call: | At par plus the coupon if shares close at or above initial price on any quarterly trigger observation date after six months
|
| Initial prices: | $259.45 for Goldman Sachs, $350.78 for lululemon and $149.95 for Qualcomm
|
| Coupon barriers: | $155.67 for Goldman Sachs, $210.468 for lululemon and $89.97 for Qualcomm; 60% of initial levels
|
| Knock-in levels: | $155.67 for Goldman Sachs, $210.468 for lululemon and $89.97 for Qualcomm; 60% of initial levels
|
| Pricing date: | Dec. 30
|
| Settlement date: | Jan. 5
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.75%
|
| Cusip: | 22550MNN5
|
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