By Wendy Van Sickle
Columbus, Ohio, Nov. 20 – Credit Suisse AG, London Branch priced $3 million of contingent coupon callable yield notes due Nov. 13, 2023 linked to the least performing of the VanEck Vectors Gold Miners ETF and the iShares Silver trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 15.2% if each fund closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
Credit Suisse may redeem the notes at par plus the coupon on any contingent coupon payment date after six months.
The payout at maturity will be par unless any fund finishes below its 70% knock-in level, in which case investors will be fully exposed to any losses of the least-performing fund.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying funds: | VanEck Vectors Gold Miners ETF and iShares Silver trust
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| Amount: | $3 million
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| Maturity: | Nov. 13, 2023
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| Coupon: | 15.2% per year, payable monthly if each fund closes at or above its coupon barrier on the related observation date
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| Price: | Par
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| Payout at maturity: | Par unless any fund finishes below its knock-in level, in which case full exposure to the losses of the least-performing fund
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| Call: | At par plus coupon on any contingent coupon payment date after six months
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| Initial levels: | $41.22 for gold, $23.61 for silver
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| Coupon barrier levels: | $28.854 for gold, $16.527 for silver, 70% of initial levels
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| Knock-in levels: | $28.854 for gold, $16.527 for silver, 70% of initial levels
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| Pricing date: | Nov. 6
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| Settlement date: | Nov. 12
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.5%
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| Cusip: | 22552WSE6
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