By Wendy Van Sickle
Columbus, Ohio, July 24 – Credit Suisse AG, London Branch priced $605,000 of contingent coupon autocallable yield notes due Jan. 25, 2021 linked to the least performing of the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 13.35% if each fund closes at or above its coupon barrier, 60% of its initial level, on the observation date for that month.
The notes will be automatically called at par if each fund closes at or above its initial level on any quarterly trigger observation date beginning Oct. 21.
The payout at maturity will be par unless either fund ever closes below its 60% knock-in level during the life of the notes, in which case the payout will be par plus the return of the lesser performing fund with a maximum payout of par.
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 funds: | SPDR S&P Oil & Gas Exploration & Production ETF, SPDR S&P Biotech ETF
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| Amount: | $605,000
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| Maturity: | Jan. 25, 2021
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| Coupon: | 13.35% per year, payable monthly if each fund closes at or above its coupon barrier on any monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless any fund ever closes below its 60% knock-in level during the life of the notes, in which case the payout will be par plus the return of the lesser performing fund with a maximum payout of par
|
| Call: | Automatically at par if each fund closes at or above its initial level on any quarterly trigger observation date after three months
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| Initial prices: | $24.76 for Oil & Gas, $85.61 for Biotech
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| Coupon barriers: | $14.856 for Oil & Gas, $51.366 for Biotech; 60% of initial levels
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| Knock-ins: | $$14.856 for Oil & Gas, $51.366 for Biotech; 60% of initial levels
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| Pricing date: | July 19
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| Settlement date: | July 24
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.725%
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| Cusip: | 22552FPC0
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