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Published on 8/8/2019 in the Prospect News Structured Products Daily.

New Issue: Credit Suisse prices $270,000 contingent coupon reverse convertibles linked to stocks

By Angela McDaniels

Tacoma, Wash., Aug. 8 – Credit Suisse AG, London Branch priced $270,000 of contingent coupon autocallable reverse convertible securities due Aug. 2, 2021 linked to the lowest performing of the common stock of Bank of America Corp., the class A common stock of Constellation Brands, Inc. and the common stock of Pfizer Inc., according to a 424B2 filing with the Securities and Exchange Commission.

If each stock closes at or above its knock-in price, 65% of initial share price, on a quarterly observation date, then the notes will pay a contingent coupon at the rate of 10.1% per year plus all prior unpaid contingent coupons, if any.

The notes will be automatically called at par if each stock close at or above its initial share price on any quarterly observation date.

The payout at maturity will be par unless any stock finishes below its knock-in price, in which case investors will receive a number of shares of the lowest-performing stock equal to $1,000 divided by that stock’s 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:Bank of America Corp. (Symbol: BAC), Constellation Brands, Inc. (Symbol: STZ) and Pfizer Inc. (Symbol: PFE)
Amount:$270,000
Maturity:Aug. 2, 2021
Coupon:If each stock closes at or above knock-in price on quarterly observation date, notes pay contingent coupon at rate of 10.1% per year plus all prior unpaid contingent coupons, if any
Price:Par
Payout at maturity:Par unless any stock finishes below knock-in price, in which case number of shares of lowest-performing stock equal to $1,000 divided by initial share price or, at issuer’s option, amount in cash equal to value of those shares
Call:Automatically at par if each stock closes at or above initial share price on any quarterly observation date
Initial share prices:$30.77 for Bank of America, $203.92 for Constellation and $43.09 for Pfizer
Knock-in prices:$20.0005 for Bank of America, $132.548 for Constellation and $28.0085 for Pfizer, or 65% of initial share prices
Pricing date:July 26
Settlement date:Aug. 2
Agent:Credit Suisse Securities (USA) LLC
Fees:2%
Cusip:22549JV49

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