By Kiku Steinfeld
Chicago, Feb. 25 – Credit Suisse AG, London Branch priced $3.6 million of contingent coupon autocallable yield notes due Feb. 20, 2024 linked to the least performing of three common stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The underliers are DXC Technology Co., Qualcomm Inc. and Texas Instruments Inc.
Contingent coupons are payable quarterly at an annual rate of 13.6% if each stock closes above its coupon barrier, 55% of its initial level, on the related observation date.
The notes will be called at par plus the coupon 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 plus the coupon unless any of the stocks finishes below its 55% knock-in level, in which case investors will be fully exposed to the losses of the worst performing underlying.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | DXC Technology Co., Qualcomm Inc. and Texas Instruments Inc.
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| Amount: | $3.6 million
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| Maturity: | Feb. 20, 2024
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| Coupon: | 13.6% per year, payable quarterly if each stock closes above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par plus coupon unless any stock finishes below knock-in price, in which case full exposure to losses of worst performing underlying
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| Call: | At par if all shares close at or above initial share price on any quarterly trigger observation date after six months
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| Initial prices: | $25.89 for DXC, $147.16 for Qualcomm and $180.76 for Texas Instruments
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| Coupon barriers: | $14.2395 for DXC, $80.938 for Qualcomm and $99.418 for Texas Instruments; 55% of initial levels
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| Knock-in levels: | $14.2395 for DXC, $80.938 for Qualcomm and $99.418 for Texas Instruments; 55% of initial levels
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| Pricing date: | Feb. 16
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| Settlement date: | Feb. 19
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.35%
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| Cusip: | 22552XCC5
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