By Taylor Fox
New York, March 11 – Credit Suisse AG, London Branch priced $600,000 of contingent coupon autocallable reverse convertible securities due March 6, 2023 linked to the least performing of two stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Apple Inc. and Walt Disney Co.
A contingent coupon will be paid quarterly at an annual rate of 11.7% if each stock closes above its 70% coupon barrier level on the related observation date. Previously unpaid coupons will also be paid.
The notes will be called at par if the shares of the least performing stock close at or above their initial price on any quarterly trigger observation date.
The payout at maturity will be par unless any of the stocks finishes below its 70% knock-in level, in which case investors will receive a number of shares of the least performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable reverse convertible securities
|
| Underlying stocks: | Apple Inc. and Walt Disney Co.
|
| Amount: | $600,000
|
| Maturity: | March 6, 2023
|
| Coupon: | 11.7% annual rate, payable quarterly if all stocks close above coupon barrier levels on related observation date; previously unpaid coupons will also be paid
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below knock-in price, in which case shares of least performing stock equal to $1,000 divided by initial share price or amount in cash equal to value of those shares
|
| Call: | At par if shares close at or above initial share price on any quarterly trigger observation date
|
| Initial prices: | $121.26 for Apple and $189.04 for Walt Disney
|
| Coupon barrier levels: | $84.882 for Apple and $132.328 for Walt Disney; 70% of initial levels
|
| Knock-in levels: | $84.882 for Apple and $132.328 for Walt Disney; 70% of initial levels
|
| Pricing date: | Feb. 26
|
| Settlement date: | March 5
|
| Agents: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2%
|
| Cusip: | 22550MRM3
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