By Wendy Van Sickle
Columbus, Ohio, July 10 – Credit Suisse AG, London Branch priced $4 million of contingent coupon autocallable yield notes due June 28, 2019 linked to the lesser performing of the SPDR S&P Biotech exchange-traded fund and the SPDR S&P Regional Banking exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 11.4% if each fund closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par if each fund closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par unless either fund finishes below its initial level and either fund finishes below its 70% knock-in level, in which case investors will be fully exposed to any losses of the worse performing fund.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying funds: | SPDR S&P Biotech ETF and SPDR S&P Regional Banking ETF
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| Amount: | $4 million
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| Maturity: | June 28, 2019
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| Coupon: | 11.4% per year, payable quarterly if each fund closes at or above its barrier level on quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par plus unless either fund finishes below knock-in level, in which full exposure to the losses of the worst-performing fund
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| Call: | Automatically if each fund closes at or above its initial level on any quarterly call observation date beginning on July 31
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| Initial prices: | $77.27 for Biotech, $53.56 for Banking
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| Barrier/knock-in prices: | $54.089 for Biotech, $37.492 for Banking; 70% of initial levels
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| Pricing date: | June 27
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| Settlement date: | June 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.35%
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| Cusip: | 22550BC27
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