By Tali Rackner
Norfolk, Va., June 9 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due June 2, 2021 linked to the iShares Nasdaq Biotechnology exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 13.2% if the fund closes at or above its coupon barrier level, 75% of the initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if the fund closes at or above its initial level on any quarterly observation date beginning Nov. 29, 2016.
The payout at maturity will be par unless the fund finishes below its 75% knock-in level, in which case investors will be fully exposed to any losses.
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 fund: | iShares Nasdaq Biotechnology ETF
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| Amount: | $1 million
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| Maturity: | June 2, 2021
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 13.2% per year if fund closes above barrier level on observation date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless fund finishes below 75% barrier level, in which case full exposure to decline
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| Call: | Beginning Nov. 29, automatically at par if fund closes at or above initial share price on any quarterly observation date
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| Initial share price: | $276.19
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| Barrier/knock-in level: | $207.1427; 75% of initial share price
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| Pricing date: | May 27
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| Settlement date: | June 2
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | None
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| Cusip: | 22548Q6V2
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