By William Gullotti
Buffalo, N.Y., Sept. 7 – Credit Suisse AG, London Branch priced $3.97 million of contingent coupon autocallable reverse convertibles due Sept. 3, 2024 linked to the lowest performing of the common stock of Boeing Co. and CVS Health Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 8% if each stock closes at or above its coupon barrier price, 69% of its initial price, on the related observation date. Any previously unpaid coupons will be included when coupon payments are made.
The notes will be called at par plus the coupon if all stocks close at or above their initial prices on any quarterly call observation date.
If all stocks finish at or above their knock-in prices, 69% of their initial prices, the payout will be par plus the final coupon. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable reverse convertibles
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| Underlying stocks: | Boeing Co., CVS Health Corp.
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| Amount: | $3,968,000
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| Maturity: | Sept. 3, 2024
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| Coupon: | 8% per year, payable quarterly if each stock closes at or above its coupon barrier price on the related observation date; coupon payment events will also include any previously unpaid coupons
|
| Price: | Par
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| Payout at maturity: | Par plus the final coupon if no stock finishes below its knock-in price; otherwise, investors will receive number of shares of worst performer equal to that stock’s equity ratio
|
| Call: | At par plus the coupon if all stocks close at or above their initial prices on any quarterly call observation date
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| Initial share prices: | $221.75 for Boeing, $83.71 for CVS
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| Coupon barrier prices: | $153.0075 for Boeing, $57.7599 for CVS; 69% of initial prices
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| Knock-in levels: | $153.0075 for Boeing, $57.7599 for CVS; 69% of initial prices
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| Pricing date: | Aug. 27
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| Settlement date: | Sept. 3
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 22550MWL9
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