By Wendy Van Sickle
Columbus, Ohio, Dec. 8 – Credit Suisse AG, London Branch priced $19.47 million of contingent income autocallable securities due June 9, 2021 linked to the common stock of Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annual rate of 15% if the stock closes at or above its coupon barrier, 55% of its initial level, on the determination date for that period.
The notes will be called at par plus the contingent coupon if the stock closes above its initial level on any monthly redemption date.
The payout at maturity will be par unless the stock finishes below its 55% downside threshold, in which case investors will be fully exposed to any losses of the stock.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Wealth Management is a dealer.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Tesla, Inc.
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| Amount: | $19,467,350
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| Maturity: | June 9, 2021
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| Coupon: | 15% per year, payable each month that stock closes at or above coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | If final share price is greater than or equal to downside threshold level, par; otherwise, full exposure to stock’s decline
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| Call: | Par plus the contingent coupon if the stock closes above its initial level on any monthly redemption date
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| Initial share price: | $599.04
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| Downside threshold level: | $329.47, 55% of initial share price
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| Pricing date: | Dec. 4
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| Settlement date: | Dec. 9
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| Agent: | Credit Suisse Securities (USA) LLC
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| Dealer: | Morgan Stanley Wealth Management LLC
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| Fees: | 1.25%
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| Cusip: | 22551F129
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