By Wendy Van Sickle
Columbus, Ohio, Oct. 3 – Credit Suisse AG, London Branch priced $1.6 million of contingent coupon autocallable reverse convertible securities due Feb. 28, 2023 linked to the lowest performing of the stocks of Trade Desk, Inc. and Southwestern Energy Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 30% if each stock closes at or above its coupon barrier price, 61% of its initial price, on the related observation date.
The notes will be called at par plus the coupon if all stocks close at or above their initial prices on any monthly call observation date after three months.
If all stocks finish at or above their knock-in prices, 61% of their initial prices, the payout will be par plus the final coupon. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or cash at the issuer’s option.
Credit Suisse Securities (USA) LLC 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: | Trade Desk, Inc. and Southwestern Energy Co.
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| Amount: | $1.6 million
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| Maturity: | Feb. 28, 2023
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| Coupon: | 30% per year, payable monthly if each stock closes at or above its coupon barrier price on the related observation date
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| Price: | Par
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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 $1,000 divided by that stock’s initial share price or cash at issuer’s option
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| Call: | At par plus coupon if all stocks close at or above their initial prices on any monthly call observation date after three months
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| Initial share prices: | $63.41 for Trade Desk, $7.64 for Southwestern
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| Coupon barrier prices: | $38.6801 for Trade Desk, $4.6604 for Southwestern; 61% of initial prices
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| Knock-in levels: | $38.6801 for Trade Desk, $4.6604 for Southwestern; 61% of initial prices
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| Pricing date: | Aug. 29
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| Settlement date: | Aug. 31
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.5%
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| Cusip: | 22550MF95
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