By Wendy Van Sickle
Columbus, Ohio, April 20 – Credit Suisse AG, London Branch priced $798,000 of contingent coupon autocallable yield notes due April 5, 2024 linked to the least performing of the common stocks of Boeing Co. and Delta Air Lines, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 14% if each stock closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter, in which case any previously unpaid coupons will also be paid.
The notes will be called at par if each stock closes at or above 85% of its initial level on any quarterly trigger observation date after six months.
The payout at maturity will be par unless any stock finishes below its 70% 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, the cash equivalent of those shares.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Boeing Co. and Delta Air Lines, Inc.
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| Amount: | $798,000
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| Maturity: | April 5, 2024
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| Coupon: | 14% per year, payable quarterly plus any previously unpaid coupons if each stock closes at or above its coupon barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its knock-in level, in which case a number of shares of least-performing stock equal to $1,000 divided by initial share price or cash equivalent
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| Call: | Automatically at par if each stock closes at or above 85% of initial level on any quarterly trigger observation date after six months
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| Initial prices: | $48.28 for Delta, $254.72 for Boeing
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| Coupon barrier/knock-in levels: | $33.796 for Delta, $178.304 for Boeing; 70% of initial levels
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| Pricing date: | March 31
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| Settlement date: | April 5
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.75%
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| Cusip: | 22552XH97
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