By Wendy Van Sickle
Columbus, Ohio, Dec. 16 – Credit Suisse AG, London Branch priced $2.25 million of contingent coupon autocallable reverse convertible securities due March 11, 2021 linked to the common stock of Stitch Fix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly at an annual rate of 18% if the stock closes at or above its 45% knock-in level on a quarterly observation date.
After six months, the notes will be called at par if the shares close at or above the initial share price on any quarterly trigger observation date.
The payout at maturity will be par unless the shares finish below the knock-in level, in which case investors will receive a number of shares 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 and Incapital LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stock: | Stitch Fix, Inc.
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| Amount: | $2,254,000
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| Maturity: | March 11, 2021
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| Coupon: | 18% payable quarterly if the stock closes at or above its knock-in level on a quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below knock-in price, in which case a number of shares equal to $1,000 divided by the initial share price
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| Call: | After six months, at par if shares close at or above initial share price on any quarterly trigger observation date
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| Initial level: | $24.09
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| Knock-in price: | $10.8405, 45% of initial share price
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| Pricing date: | Dec. 6
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| Settlement date: | Dec. 11
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| Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
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| Fees: | 2.25%
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| Cusip: | 22549JZ94
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