By Kiku Steinfeld
Chicago, Nov. 28 – Credit Suisse AG, London Branch priced $1.02 million of 0% capped knock-out notes due April 27, 2023 linked to the Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange.
A knock-out event will occur if the final share price is less than the initial share price by more than 20%.
If a knock-out event has not occurred and the ETF return is less than or equal to zero, the payout at maturity will be par.
If a knock-out event has not occurred and the ETF return is positive, the payout will be par plus the lesser of 125% of the ETF return and the maximum return of 19.65%.
If a knock-out event has occurred, investors will be fully exposed to the ETF’s decline.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Capped knock-out notes
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| Underlying ETF: | Technology Select Sector SPDR fund
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| Amount: | $1,021,000
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| Maturity: | April 27, 2023
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If knock-out event has not occurred and ETF return is less than or equal to zero, par; if knock-out event has not occurred and ETF return is positive, par plus lesser of 125% of ETF return and 19.65% maximum return; if knock-out event has occurred, full exposure to ETF’s decline
|
| Knock-out event: | Final share price is less than initial share price by more than 20%
|
| Initial share price: | $154.30
|
| Knock-out buffer: | $123.44, 80% of initial price
|
| Pricing date: | March 24
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| Settlement date: | March 29
|
| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 1%
|
| Cusip: | 22553PQ93
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