New Issue: Credit Suisse prices $1.5 million knock-out notes linked to S&P 500

By Kiku Steinfeld

Chicago, July 16 – Credit Suisse AG, London Branch priced $1.5 million of 0% knock-out notes due July 26, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

A knock-out event will occur if the final index level is less than the knock-out level, 63% of the initial index level.

If a knock-out event has not occurred, the payout at maturity will be par plus the fixed payment percentage of 5%.

If a knock-out event has occurred, investors will lose 1% for every 1% that the final index level is below the initial index level.

J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.

Issuer:	Credit Suisse AG, London Branch
Issue:	Knock-out notes
Underlying index:	S&P 500
Amount:	$1,500,000
Maturity:	July 26, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 5% if index finishes above 63% of initial level; if index falls below knock-out level, 1% loss for every 1% that final index level is below initial index level
Initial level:	3169.94
Final level:	Average of index’s closing levels on five trading days ending July 21, 2021
Knock-out level:	1997.06, 63% of initial index level
Pricing date:	July 9
Settlement date:	July 14
Agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1%
Cusip:	22552WBL8

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