By Kiku Steinfeld
Chicago, Aug. 20 – Credit Suisse AG, London Branch priced $1.39 million of contingent coupon callable yield notes due July 26, 2022 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 semiannual contingent coupon at an annual rate of 17% if each fund closes at or above its coupon barrier, 70% of its initial level, on the semiannual observation date for that period.
Credit Suisse may redeem the notes at par plus the coupon on any semiannual contingent coupon payment date.
The payout at maturity will be par unless either 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
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying funds: | SPDR S&P Biotech ETF and the SPDR S&P Oil &Gas Exploration & Production ETF
|
| Amount: | $1,388,000
|
| Maturity: | July 26, 2022
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| Coupon: | 17% per year, payable semiannually if each fund closes at or above its coupon barrier on the related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund finishes below its knock-in level, in which case full exposure to the losses of the least-performing fund
|
| Call: | At par plus coupon on any semiannual contingent coupon payment date
|
| Initial prices: | $85.61 for biotech fund, $24.76 for oil fund
|
| Coupon barrier levels: | $59.927 for biotech fund, $17.332 for oil fund; 70% of initial levels
|
| Knock-in levels: | $59.927 for biotech fund, $17.332 for oil fund; 70% of initial levels
|
| Pricing date: | July 19
|
| Settlement date: | July 26
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | None
|
| Cusip: | 22552FPD8
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