New Issue: Credit Suisse sells $1.17 million autocallable reverse convertibles on Apple

By Marisa Wong

Los Angeles, July 18 – Credit Suisse AG, London Branch priced $1.17 million of 5.85% autocallable reverse convertible securities due Oct. 19, 2020 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be called at par if the shares close at or above the initial share price on Jan. 15, 2020, April 15, 2020 or July 15, 2020.

The payout at maturity will be par unless the shares finish below the knock-in price, 80% of the initial price, 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
Issue:	Autocallable reverse convertible securities
Underlying stock:	Apple Inc. (Symbol: AAPL)
Amount:	$1,173,000
Maturity:	Oct. 19, 2020
Coupon:	5.85%, payable monthly
Price:	Par
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 or, at issuer’s option, cash equivalent
Call:	At par if shares close at or above initial share price on Jan. 15, 2020, April 15, 2020 or July 15, 2020
Initial price:	$204.50
Knock-in price:	$163.60, 80% of initial share price
Pricing date:	July 16
Settlement date:	July 19
Agent:	Credit Suisse Securities (USA) LLC
Fees:	2.25%
Cusip:	22549JT75

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