By Wendy Van Sickle
Columbus, Ohio, Nov. 7 – Credit Suisse AG, London Branch priced $3.85 million of contingent income autocallable securities due Nov. 5, 2021 linked to Wynn Resorts, Ltd. 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 12.5% if the underlying stock closes at or above the 50% downside threshold 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 determination date other than the final date.
The payout at maturity will be par unless the stock finishes below its 50% downside threshold, in which case investors will lose 1% for each 1% decline.
Credit Suisse Securities (USA) LLC is the agent with Morgan Stanley Smith Barney LLC as distributor.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Wynn Resorts, Ltd.
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| Amount: | $3,851,000
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| Maturity: | Nov. 5, 2021
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| Coupon: | 12.5% annualized, payable quarterly if stock closes at or above 50% coupon barrier on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | If stock finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing stock
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| Call: | At par if the stock closes at or above its initial level on any determination date other than the final date
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| Initial level: | $111.69
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| Downside threshold: | $55.85, 50% of initial level
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| Pricing date: | Nov. 2
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| Settlement date: | Nov. 7
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| Agent: | Credit Suisse Securities (USA) LLC
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| Distributor: | Morgan Stanley Smith Barney LLC
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| Fees: | 2.5%
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| Cusip: | 22549R706
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