By Wendy Van Sickle
Columbus, Ohio, May 6 – Credit Suisse AG, London Branch priced $79,000 of 6% autocallable reverse convertible securities due July 30, 2020 linked to the least performing of the iShares Russell 2000 ETF and the SPDR S&P 500 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par if the shares of the least performing stock close at or above its initial price on any quarterly trigger observation date after six months.
The payout at maturity will be par unless either fund finishes below its 75% 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: | Autocallable reverse convertible securities
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| Underlying funds: | iShares Russell 2000 ETF and SPDR S&P 500 ETF
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| Amount: | $79,000
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| Maturity: | July 30, 2020
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| Coupon: | 6% per year, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par unless either fund 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 close at or above initial share price on any quarterly trigger observation date after six months
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| Initial prices: | $156.75 for Russell fund, $292.05 for S&P fund
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| Knock-in levels: | $117.5625 for Russell fund, $219.0375 for S&P fund; 75% of initial levels
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| Pricing date: | April 25
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| Settlement date: | April 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.5%
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| Cusip: | 22549JJ84
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