By Wendy Van Sickle
Columbus, Ohio, March 11 – Credit Suisse AG, London Branch priced $25 million of buffered contingent coupon autocallable yield notes due March 9, 2023 linked to the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
If the fund closes at or above the coupon barrier level, 85% of the initial share price, on a monthly observation date, the notes will pay a contingent coupon at the rate of 12.7% per year for that month and all prior unpaid contingent coupons, if any.
The notes will be automatically called at par if the fund closes at or above the initial share price on any monthly observation date.
The payout at maturity will be par unless the fund finishes below the 85% buffer level, in which case investors will lose 1.1765% for every 1% that the fund declines beyond 15%.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are placement agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Buffered contingent coupon autocallable yield notes
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| Underlying fund: | SPDR S&P 500 ETF trust
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| Amount: | $25 million
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| Maturity: | March 9, 2023
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| Coupon: | If fund closes at or above buffer level on monthly observation date, notes pay contingent coupon at rate of 12.7% per year for that month and all prior unpaid contingent coupons, if any
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| Price: | Par
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| Payout at maturity: | Par unless fund finishes below buffer level, in which case investors will lose 1.1765% for every 1% that fund declines beyond 15%
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| Call: | Automatically at par if fund closes at or above initial share price on any monthly observation date
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| Initial share price: | $432.17
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| Coupon barrier level: | $367.34, 85% of initial share price
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| Buffer level: | $367.34, 85% of initial share price
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| Pricing date: | March 6
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| Settlement date: | March 9
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| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 0.2%
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| Cusip: | 22553PMU0
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