By Wendy Van Sickle
Columbus, Ohio, Sept. 12 – Credit Suisse AG priced $4.21 million of contingent income autocallable securities due Sept. 13, 2018 linked to United States Steel Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 10.75% if the shares close at or above the 55% coupon barrier on a determination date for that quarter.
The notes will be called at par of $10 plus the contingent coupon if the shares close at or above its initial level on any determination date other than the final date.
The payout at maturity will be par plus the final contingent coupon unless the stock finishes below its 55% downside threshold, in which case investors will lose 1% for each 1% decline.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Wealth Management is handling distribution.
| Issuer: | Credit Suisse AG
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | United States Steel Corp.
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| Amount: | $4,209,000
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| Maturity: | Sept. 13, 2018
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| Coupon: | 10.75% per year, payable quarterly if stock closes at or above 55% coupon barrier on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If stock finishes at or above downside threshold, par; otherwise, full exposure to decline
|
| Call: | At par if stock closes at or above initial level on any determination date other than final date
|
| Initial share price: | $26.96
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| Downside threshold: | $14.83, 55% of initial share price
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| Pricing date: | Sept. 8
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| Settlement date: | Sept. 13
|
| Agent: | Credit Suisse Securities (USA) LLC
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| Distribution: | Morgan Stanley Wealth Management
|
| Fees: | 1.75%
|
| Cusip: | 22549D137
|
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