By Taylor Fox
New York, Nov. 20 – Credit Suisse AG, London Branch priced $572,000 of contingent coupon autocallable reverse convertible securities due Nov. 6, 2023 linked to the common stock of Sysco Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly at an annual rate of 9.55% if the stock closes above its coupon barrier, 60% of its initial level, on the related observation date.
The notes will be called at par if the shares of the stock close at or above their initial price on any quarterly trigger observation date.
The payout at maturity will be par unless the stock finishes below its 60% knock-in level, in which case investors will receive a number of shares of the stock 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: | Contingent coupon autocallable reverse convertible securities
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| Underlying stock: | Sysco Corp.
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| Amount: | $572,000
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| Maturity: | Nov. 6, 2023
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| Coupon: | 9.55% per year, payable quarterly if the stock closes above coupon barrier on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless the stock finishes below knock-in price, in which case shares of the stock equals to $1,000 divided by initial share price or amount in cash equal to value of those shares
|
| Call: | At par plus the coupon if shares close at or above initial share price on any quarterly trigger observation date
|
| Initial prices: | $55.31
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| Coupon barriers: | $33.186; 60% of initial levels
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| Knock-in levels: | $33.186; 60% of initial levels
|
| Pricing date: | Oct. 30
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| Settlement date: | Nov. 6
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.5%
|
| Cusip: | 22550MLH0
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