By Wendy Van Sickle
Columbus, Ohio, May 1 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due May 14, 2019 linked to the common stock of Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter the notes will pay a contingent coupon at an annual rate of 33% if the stock closes at or above the coupon barrier, 75% of the initial level, for that quarter.
The notes will be called at par plus the contingent coupon if stock closes at or above its initial price on any quarterly trigger observation date.
The payout at maturity will be par unless the shares close below the 75% knock-in level, in which case investors will receive a number of Tesla shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
J.P. Morgan is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stock: | Tesla, Inc.
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| Amount: | $1 million
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| Maturity: | May 14, 2019
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| Contingent payment: | 33% per year, payable quarterly if stock closes at or above coupon barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless stock falls below knock-in level, in which case a number of Tesla shares equal to $1,000 divided by the initial share price
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| Call: | Automatically at par plus contingent payment if stock closes at or above initial price on any quarterly trigger observation date
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| Initial share price: | $294.075
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| Coupon barrier/knock-in level: | $214.11, 75% of initial price
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| Pricing date: | April 27
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| Settlement date: | May 2
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| Agent: | J.P. Morgan
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| Fees: | 1%
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| Cusip: | 22550WSN8
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