By Kiku Steinfeld
Chicago, Sept. 29 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due Feb. 4, 2027 linked to the least performing of two exchange-traded funds, according to a 424B2 filing with the Securities and Exchange Commission.
The underliers are the SPDR S&P Biotech ETF and the Energy Select Sector SPDR fund.
Contingent coupons are payable quarterly at an annual rate of 9.4% if each asset 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 least performing asset close at or above its initial price on any quarterly trigger observation date after one year.
The payout at maturity will be par unless any of the assets finishes below its 60% knock-in level, in which case investors will be fully exposed to the losses of the worst performing underlying.
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 assets: | SPDR S&P Biotech ETF and Energy Select Sector SPDR fund
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Amount: | $1 million
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Maturity: | Feb. 4, 2027
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Coupon: | 9.4% per year, payable quarterly if each asset closes above coupon barrier on observation date
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Price: | Par
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Payout at maturity: | Par unless any asset finishes below knock-in price, in which case full exposure to losses of worst performing underlying
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Call: | At par plus the coupon if all shares close at or above initial share price on any quarterly trigger observation date after one year
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Initial prices: | $94.94 for Biotech ETF, $68.27 for Energy fund
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Coupon barriers: | $56.964 for Biotech ETF, $40.962 for Energy fund; 60% of initial levels
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Knock-in levels: | $56.964 for Biotech ETF, $40.962 for Energy fund; 60% of initial levels
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Pricing date: | Feb. 1
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Settlement date: | Feb. 4
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 3.35%
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Cusip: | 22553PHP7
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