By Angela McDaniels
Tacoma, Wash., April 1 – Credit Suisse AG, London Branch priced $366,000 of contingent coupon autocallable yield notes due Sept. 29, 2020 linked to the lesser performing of the iShares MSCI Emerging Markets exchange-traded fund and the Hang Seng China Enterprises index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 8.5% per year if each underlier closes at or above its knock-in level, 70% of its initial level, on the observation date for that quarter.
The notes will be automatically called at par if each underlier closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless either underlier closes below its knock-in level during the life of the notes, in which case the payout will be par plus the return of the lesser-performing underlier, subject to a maximum payout of par.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underliers: | iShares MSCI Emerging Markets ETF and Hang Seng China Enterprises index
|
| Amount: | $366,000
|
| Maturity: | Sept. 29, 2020
|
| Coupon: | Each quarter, notes pay contingent coupon at rate of 8.5% per year unless either underlier closes below knock-in level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either underlier closes below knock-in level during life of notes, in which case par plus return of lesser-performing underlier, subject to maximum payout of par
|
| Call: | Automatically at par if each underlier closes at or above initial level on any quarterly observation date
|
| Initial levels: | $42.66 for ETF and 11,231.73 for index
|
| Knock-in levels: | $29.862 for ETF and 7,862.211 for index; 70% of initial levels
|
| Pricing date: | March 26
|
| Settlement date: | March 29
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.125%
|
| Cusip: | 22551LZZ6
|
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