By Wendy Van Sickle
Columbus, Ohio, June 23 – Credit Suisse AG, London Branch, priced $1 million of contingent coupon callable yield notes due June 23, 2023 to the performance of the Health Care Select Sector SPDR fund and the Invesco QQQ Trust, series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 19.05% per year if each ETF closes at or above its coupon barrier price, 80% of its initial price, on the related observation date.
The notes may be called at par plus any contingent coupon due at the issuer’s option on any quarterly early redemption date.
The payout at maturity will be par unless any ETF finishes below its 80% knock-in price, in which case investors will be exposed to the decline of the least-performing ETF from its initial price.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying funds: | Health Care Select Sector SPDR fund, Invesco QQQ Trust, series 1
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| Amount: | $1 million
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| Maturity: | June 23, 2023
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| Coupon: | 19.05% per year, payable quarterly if each underlying ETF closes at or above its coupon barrier price on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless any ETF finishes below its knock-in price, in which case investors will be exposed to the decline of the least-performing ETF from its initial price
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| Call: | Par plus any contingent coupon due on any quarterly early redemption date
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| Initial prices: | $119.89 for Health Care, $274.69 for QQQ
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| Coupon barrier: | $95.912 for Health Care, $219.752 for QQQ; 80% of initial levels
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| Knock-in prices: | $95.912 for Health Care, $219.752 for QQQ; 80% of initial levels
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| Pricing date: | June 17
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| Settlement date: | June 23
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 1.25%
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| Cusip: | 22553Q7L5
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