By William Gullotti
Buffalo, N.Y., Oct. 20 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due July 30, 2024 linked to the least performing of the stocks of Broadcom Inc. and Ciena Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 9.1% if each stock closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
The notes will be called at par plus coupon if each stock closes at or above its initial level on any quarterly trigger observation date after six months.
The payout at maturity will be par plus the final coupon unless any stock finishes below its 60% knock-in level, in which case investors will be fully exposed to the losses of the least-performing stock.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Broadcom Inc., Ciena Corp.
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| Amount: | $1 million
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| Maturity: | July 30, 2024
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| Coupon: | 9.1% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par plus the final coupon unless any stock finishes below its knock-in level, in which case full exposure to decline of the least-performing stock from its initial level
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly trigger observation date after six months
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| Initial levels: | $475.36 for Broadcom, $56.45 for Ciena
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| Coupon barriers: | $285.216 for Broadcom, $33.87 for Ciena; 60% of initial levels
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| Knock-in levels: | $285.216 for Broadcom, $33.87 for Ciena; 60% of initial levels
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| Pricing date: | July 27
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| Settlement date: | July 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.5%
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| Cusip: | 22552XRS4
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