By Wendy Van Sickle
Columbus, Ohio, May 2 – Credit Suisse AG, London Branch priced $1.16 million of contingent coupon autocallable yield notes due April 30, 2024 linked to the lesser performing of the VanEck Vectors Gold Miners 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.
Each quarter, the notes pay a contingent coupon at the rate of 10% per year if each ETF closes at or above its knock-in level, 60% of its initial share price, on the observation date for that quarter.
Beginning Oct. 25, the notes will be automatically called at par if each ETF closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par unless either ETF finishes below its knock-in level, in which case the payout will be par plus the return of the lesser-performing ETF.
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 ETFs: | VanEck Vectors Gold Miners ETF and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $1.16 million
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| Maturity: | April 30, 2024
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 10% per year unless either ETF closes below knock-in level on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless either ETF finishes below knock-in level, in which case par plus return of lesser-performing ETF
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| Call: | Beginning Oct. 25, automatically at par if each ETF closes at or above initial share price on any quarterly observation date
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| Initial share prices: | $20.87 for gold ETF and $31.79 for oil ETF
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| Knock-in levels: | $12.522 for gold ETF and $19.074 for oil ETF; 60% of initial share prices
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| Pricing date: | April 25
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| Settlement date: | April 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.85%
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| Cusip: | 22552F7D8
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