By Susanna Moon
Chicago, Aug. 17 – Credit Suisse AG, London Branch priced $5 million of contingent coupon autocallable yield notes due Aug. 29, 2018 linked to Pioneer Natural Resources Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.15% if the stock closes at or above its 67.25% coupon barrier on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless the stock finishes below its 67.25% knock-in level, in which case investors will be fully exposed to any losses.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stock: | Pioneer Natural Resources Co. (Symbol: PXD)
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| Amount: | $5 million
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| Maturity: | Aug. 29, 2018
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| Contingent payment: | 10.15% per year, payable quarterly if stock closes at or above 67.25% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless the stock finishes below knock-in level, in which case 1% loss for each 1% decline
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| Call: | At par plus contingent payment if closing share price is greater than or equal to initial share price on Nov. 24, Feb. 22, 2018 or May 24, 2018
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| Initial share price: | $134.02
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| Knock-in level: | $90.13, 67.25% of initial share price
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| Pricing date: | Aug. 11
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| Settlement date: | Aug. 16
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| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1%
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| Cusip: | 22549JJX9
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