New Issue: Credit Suisse prices $533,000 9.5% autocallable reverse convertibles on Valeant

By Marisa Wong

Madison, Wis., May 21 – Credit Suisse AG, London Branch priced $533,000 of 9.5% autocallable reverse convertible securities due May 23, 2016 linked to the common stock of Valeant Pharmaceuticals International, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The notes will be called at par if Valeant shares close at or above the initial share price on Nov. 18, 2015 or Feb. 17, 2016.

The payout at maturity will be par unless Valeant shares close at or below the knock-in price, 65% of the initial share price, during the life of the notes and finish below the initial share price, in which case investors will receive a number of Valeant shares equal to $1,000 divided by the initial share price.

Credit Suisse Securities (USA) LLC is the agent.

Issuer:	Credit Suisse AG, London Branch
Issue:	Autocallable reverse convertible securities
Underlying stock:	Valeant Pharmaceuticals International, Inc. (Symbol: VRX)
Amount:	$533,000
Maturity:	May 23, 2016
Coupon:	9.5%, payable monthly
Price:	Par
Payout at maturity:	Par unless stock ever dips below its knock-in level during life of notes and finishes below initial level, in which case a number of shares equal to $1,000 divided by initial share price
Call:	At par if each stock closes at or above initial share price on Nov. 18, 2015 or Feb. 17, 2016
Initial level:	$227.65
Knock-in level:	$147.9725, 65% of initial level
Pricing date:	May 19
Settlement date:	May 22
Agent:	Credit Suisse Securities (USA) LLC
Fees:	2.1%
Cusip:	22546VD37

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