By Wendy Van Sickle
Columbus, Ohio, Nov. 13 – Credit Suisse AG priced $2.64 million of autocallable contingent income securities due Nov. 8, 2018 linked to Wynn Resorts, Ltd. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.75% if the stock closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes will be called at par of $10 plus the contingent coupon if the stock closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par plus the contingent coupon unless the stock finishes below its 75% downside threshold, in which case investors will be fully exposed to any losses.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Wealth Management is handling distribution.
| Issuer: | Credit Suisse AG
|
| Issue: | Autocallable contingent income securities
|
| Underlying stock: | Wynn Resorts, Ltd.
|
| Amount: | $2,636,300
|
| Maturity: | Nov. 8, 2018
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| Coupon: | 10.75% per year, payable quarterly if stock closes at or above 75% 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: | $150.09
|
| Downside threshold: | $112.57, 75% of initial share price
|
| Pricing date: | Nov. 3
|
| Settlement date: | Nov. 8
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Distribution: | Morgan Stanley Wealth Management
|
| Fees: | 1.75%
|
| Cusip: | 22549D517
|
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