By Sarah Lizee
Olympia, Wash., Oct. 28 – Credit Suisse AG, London Branch priced $2.9 million of 16% contingent coupon autocallable reverse convertible securities due Jan. 29, 2021 linked to the of the common stock of YETI Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly if each stock closes above its coupon barrier, 50% of its initial level, on the related observation date.
The notes will be called at par if the stock closes at or above its initial price on any quarterly trigger observation date after six months.
The payout at maturity will be par unless the stock finishes below its 50% knock-in level, in which case investors will receive a number of shares of the 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 and Incapital LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable reverse convertible securities
|
| Underlying stock: | YETI Holdings, Inc.
|
| Amount: | $2,902,000
|
| Maturity: | Jan. 29, 2021
|
| Coupon: | 16% per year, payable monthly if stock closes above coupon barrier on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless stock finishes below knock-in price, in which case shares of 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
|
| Initial price: | $32.19
|
| Coupon barrier/knock-in level: | $16.095; 50% of initial level
|
| Pricing date: | Oct. 24
|
| Settlement date: | Oct. 28
|
| Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
|
| Fees: | 2.25%
|
| Cusip: | 22549J2R0
|
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