By Wendy Van Sickle
Columbus, Ohio, Dec. 24 – Credit Suisse AG, London Branch priced $800,000 of contingent coupon autocallable reverse convertible securities due Dec. 28, 2022 linked to the common stock of Snowflake Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 16.5% if the stock closes at or above its 55% knock-in level on a monthly observation date.
The notes will be called at par if the shares close at or above the initial share price on any monthly trigger observation date after six months.
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 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 stock: | Snowflake Inc.
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| Amount: | $800,000
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| Maturity: | Dec. 28, 2022
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| Coupon: | 16.5% payable monthly if the stock closes at or above its knock-in level on a monthly observation date
|
| 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
|
| Call: | At par if shares close at or above initial share price on any monthly trigger observation date after six months
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| Initial level: | $349.85
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| Knock-in price: | $192.4175, 55% of initial share price
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| Pricing date: | Dec. 22
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| Settlement date: | Dec. 28
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
|
| Cusip: | 22550MNK1
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