New Issue: Credit Suisse sells $1.73 million reverse convertible digital plus barrier notes on Delta

Kiku Steinfeld

Chicago, March 25 – Credit Suisse AG, London Branch priced $1.73 million of reverse convertible digital plus barrier notes due March 28, 2022 linked to the common shares of Delta Air Lines, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

If the final stock price is greater than the barrier price, 75% of the stock’s initial price, the payout at maturity will be par plus the greater of the fixed payment of 8% and the stock return, capped at 22.5%.

If the final stock price is less than or equal to the barrier price, investors will receive a number of Delta 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:	Reverse convertible digital plus barrier notes
Underlying stock:	Delta Air Lines, Inc.
Amount:	$1,727,000
Maturity:	March 28, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	If the final stock price is greater than barrier price, par plus the greater of the fixed payment of 8% and the stock return, capped at 22.5%; otherwise, investors will receive a number of Delta stocks 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
Initial price:	$49.39
Barrier price:	$37.0425, 75% of initial share price
Pricing date:	March 16
Settlement date:	March 19
Agent:	Credit Suisse Securities (USA) LLC
Fees:	1.5%
Cusip:	22550MRZ4

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