By Wendy Van Sickle
Columbus, Ohio, July 23 – Credit Suisse AG, London Branch priced $902,000 of 12% contingent coupon autocallable reverse convertible securities due Jan. 19, 2021 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Apple Inc., Boeing Co. and JPMorgan Chase & Co.
Interest is payable quarterly if each stock closes above its coupon barrier, 70% of its initial level, on the relate 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 starting in October.
The payout at maturity will be par unless any of the stocks 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, an amount in cash equal to the value 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 reverse convertible securities
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| Underlying stocks: | Apple Inc., Boeing Co. and JPMorgan Chase & Co.
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| Amount: | $902,000
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| Maturity: | Jan. 19, 2021
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| Coupon: | 12% per year, payable quarterly if each stock closes above coupon barrier on observation date
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| Price: | Par
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| 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
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| Call: | At par plus the coupon if shares close at or above initial share price on any quarterly trigger observation date starting in October
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| Initial prices: | $190.91 for Apple, $356.10 for Boeing, $110.58 for JPMorgan Chase
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| Coupon barrier/knock-in levels: | $133.637 for Apple, $249.27 for Boeing, $77.406 for JPMorgan Chase; 70% of initial levels
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| Pricing date: | July 16
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| Settlement date: | July 19
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.82%
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| Cusip: | 22549JUU2
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