By Taylor Fox
New York, Nov. 19 – Credit Suisse AG, London Branch priced $2.85 million of contingent coupon autocallable reverse convertible securities due Nov. 6, 2023 linked to the least performing of the common stocks of Bristol-Myers Squibb Co. and Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly at an annual rate of 8% if each stock closes above its coupon barrier, 68% of its initial level, on the related observation date.
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 68% 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.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stocks: | Bristol-Myers Squibb Co. and Walmart Inc.
|
| Amount: | $2,847,000
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| Maturity: | Nov. 6, 2023
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| Coupon: | 8% per year, payable quarterly if each stock closes above coupon barrier on observation date
|
| 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 plus the coupon if shares of each stock close at or above initial share prices on any quarterly trigger observation date
|
| Initial prices: | $58.45 for Bristol-Myers and $138.75 for Walmart
|
| Coupon barriers: | $39.746 for Bristol-Myers and $94.35 for Walmart; 68% of initial levels
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| Knock-in levels: | $39.746 for Bristol-Myers and $94.35 for Walmart; 68% of initial levels
|
| Pricing date: | Oct. 30
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| Settlement date: | Nov. 6
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 3%
|
| Cusip: | 22550MKX6
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