By Wendy Van Sickle
Columbus, Ohio, Dec. 21 – Credit Suisse AG, London Branch priced $6.68 million of contingent coupon autocallable reverse convertible securities due June 2, 2023 linked to the lowest performing of the stocks of Apple Inc. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 8% if each stock closes at or above its coupon barrier price, 71.5% of its initial price, on the related observation date. Previously unpaid coupons, if any, will be automatically included whenever a contingent coupon is paid.
The notes will be called at par plus the coupon if all stocks close at or above their initial prices on any quarterly call observation date.
If all stocks finish at or above their knock-in prices, 71.5% of their initial prices, the payout will be par plus any final coupon due. Otherwise, investors will receive a number of shares of the worst performer equal to $5,000 divided by that stock’s initial share price.
Citigroup Global Markets Inc. 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 stocks: | Apple Inc., JPMorgan Chase & Co.
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| Amount: | $6,681,000
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| Maturity: | June 2, 2023
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| Coupon: | 8% per year, payable quarterly if each stock closes at or above its coupon barrier price on the related observation date; coupon payment events will automatically include any previously unpaid coupons
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| Price: | Par of $5,000
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| Payout at maturity: | Par plus any final coupon due if no stock finishes below its knock-in price; otherwise, investors will receive number of shares of worst performer equal to that stock’s equity ratio
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| Call: | At par plus coupon if all stocks close at or above their initial prices on any quarterly call observation date
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| Initial share prices: | $160.24 for Apple, $161.23 for JPMorgan
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| Coupon barrier prices: | $114.5716 for Apple, $115.27945 for JPMorgan; 71.5% of initial prices
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| Knock-in levels: | $114.5716 for Apple, $115.27945 for JPMorgan; 71.5% of initial prices
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| Pricing date: | Nov. 29
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| Settlement date: | Dec. 2
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 22550MWZ8
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