By Wendy Van Sickle
Columbus, Ohio, Aug. 15 – Credit Suisse AG, London Branch priced $1.36 million of contingent coupon autocallable yield notes due Aug. 3, 2020 linked to the lesser performing of the SPDR S&P Biotech exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 11% if each fund closes at or above its coupon barrier, 55% of its initial level, on the observation date for that quarter.
The notes will be automatically called at par if each fund closes at or above its initial level on any quarterly trigger observation date starting on Jan. 30, 2019.
The payout at maturity will be par unless either fund finishes below its initial level and either fund ever closes below its 55% knock-in level during the life of the notes, in which case investors will be fully exposed to any losses of the lesser performing fund.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying funds: | SPDR S&P Biotech exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund
|
| Amount: | $1,363,000
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| Maturity: | Aug. 3, 2020
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| Coupon: | 11% per year, payable quarterly if each fund closes at or above its coupon barrier on the quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund finishes below initial level and ever closes below its knock-in level during the life of the notes, in which case full exposure to the losses of the lesser performing fund
|
| Call: | Starting Jan. 30, 2019, automatically at par if each fund closes at or above its initial level on any quarterly trigger observation date
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| Initial prices: | $95.29 for Biotech ETF, $43.02 for Oil and Gas ETF
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| Coupon barriers/knock-ins: | $52.4095 for Biotech ETF, $23.661 for Oil and Gas ETF; 55% of initial levels
|
| Pricing date: | July 31
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| Settlement date: | Aug. 3
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.75%
|
| Cusip: | 22550WYV3
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