By Kiku Steinfeld
Chicago, Nov. 7 – Credit Suisse AG, London Branch priced $1.79 million of autocallable contingent income notes due Oct. 26, 2020 linked to the common stock of salesforce.com, inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 8.2% if the shares close at or above the coupon barrier, 70% of the initial level, on every day of that quarter.
If the stock closes at or above the initial share price on any quarterly observation date, the notes will be automatically called at par of $10 plus any coupon due.
If the notes are not called and the final share price is greater than or equal to the 70% downside threshold, the payout at maturity will be par plus the final coupon, if any. Otherwise, investors will lose 1% for every 1% decline of the share price from its initial level.
Credit Suisse Securities (USA) Inc. is the agent. Morgan Stanley Smith Barney LLC is acting as distributor.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable contingent income notes
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| Underlying stock: | salesforce.com, inc.
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| Amount: | $1,785,000
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| Maturity: | Oct. 26, 2020
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| Coupon: | 8.2%, payable quarterly if shares close at or above coupon barrier every day of quarter
|
| Price: | Par of $10
|
| Call: | At par plus any coupon due if shares close at or above initial price on any quarterly observation date
|
| Payout at maturity: | Par plus final coupon, if any, unless stock finishes below downside threshold, in which case 1% loss for every 1% decline of stock from initial level
|
| Initial price: | $144.55
|
| Coupon barrier/downside threshold: | $101.19, 70% of initial price
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| Pricing date: | Oct. 21
|
| Settlement date: | Oct. 24
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| Agent: | Credit Suisse Securities (USA) Inc.
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| Distributor: | Morgan Stanley Smith Barney LLC
|
| Fees: | 1.75%
|
| Cusip | 22550K491
|
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