New Issue: Credit Suisse sells $2.2 million capped knock-out notes tied to EM ETF

By Sarah Lizee

Olympia, Wash., Aug. 29 – Credit Suisse AG, London Branch priced $2.2 million of 0% capped knock-out notes due Sept. 11, 2019 linked to the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange.

If the ETF return is positive, the payout at maturity will be par plus the ETF gain, subject to a maximum return of 21%.

If the ETF finishes flat or falls by no more than 16.75%, the payout will be par.

If the ETF falls more than 16.75%, 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
Underlying ETF:	iShares MSCI Emerging Markets ETF
Amount:	$2,195,000
Maturity:	Sept. 11, 2019
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any ETF gain, capped at 21%; par if ETF finishes flat or falls by up to 16.75%; otherwise, full exposure to ETF’s decline
Initial level:	$43.37
Knock-out buffer:	16.75%
Final level:	Average of ETF’s closing share prices on five trading days ending Sept. 6, 2019
Pricing date:	Aug. 24
Settlement date:	Aug. 29
Agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1%
Cusip:	22551L5L0

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