Chicago, May 28 – Credit Suisse AG, London Branch priced $3.98 million of contingent coupon autocallable yield notes due June 1, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index closes at or above the coupon barrier level, 80% of the initial level, on a quarterly observation date, the notes will pay a contingent payment for that quarter at a rate of 8% per year plus any previously unpaid coupons.
If the index closes at or above its initial level on any quarterly trigger observation date, the notes will be automatically redeemed at par plus the contingent payment.
The payout at maturity will be par unless the index finishes below the 80% knock-in level, in which case investors will lose 1% for each 1% decline in the index from its initial level.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are placement agents.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying index: | S&P 500
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| Amount: | $3,975,000
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| Maturity: | June 1, 2020
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| Contingent payment: | 8% per year, payable each quarter that index closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless the index finishes below the knock-in level, in which case 1% loss for each 1% decline from the initial level
|
| Call: | Automatically at par plus contingent payment if index closes at or above initial level on any quarterly observation date
|
| Initial level: | 2811.87
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| Coupon barrier: | 2249.50, 80% of initial level
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| Knock-in level: | 2249.50, 80% of initial level
|
| Pricing date: | May 14
|
| Settlement date: | May 17
|
| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 1%
|
| Cusip: | 22552FFG2
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