By Toni Weeks
San Luis Obispo, Calif., April 24 - Credit Suisse AG, London Branch priced $2 million of contingent coupon autocallable yield notes due April 25, 2019 linked to the Market Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a coupon at the rate of 8% per year if the ETF's shares close at or above the barrier price, $16.00, on the observation date for that quarter.
Beginning April 22, 2015, the notes will be automatically redeemed at par plus the contingent coupon if the closing share price is greater than or equal to the initial share price on any quarterly observation date.
If the notes are not called and the final share price is greater than or equal to the barrier price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for each 1% that the final share price is less than the initial share price.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying fund: | Market Vectors Gold Miners ETF
|
| Amount: | $2 million
|
| Maturity: | April 25, 2019
|
| Coupon: | 8% per year if fund closes at or above barrier price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If final share price is greater than or equal to the barrier price, par plus the contingent coupon; otherwise, 1% loss for each 1% that the final share price is less than the initial share price
|
| Call: | At par plus contingent coupon if shares close at or above initial share price on any quarterly observation date beginning April 22, 2015
|
| Initial share price: | $23.7441
|
| Barrier price: | $16.00, about 67.39% of initial share price
|
| Pricing date: | April 22
|
| Settlement date: | April 25
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 4.04%
|
| Cusip: | 22547QMA1
|
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