By Wendy Van Sickle
Columbus, Ohio, Sept. 27 – Credit Suisse AG, London Branch priced $970,000 of contingent coupon callable yield notes due Sept. 27, 2022 linked to the lesser 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 semiannual contingent coupon at an annual rate of 18.75% if each fund closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
Credit Suisse may redeem the notes at par plus the coupon on any contingent coupon payment date after a year.
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 Oil & Gas Exploration & Production ETF and the SPDR S&P Biotech ETF
|
| Amount: | $970,000
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| Maturity: | Sept. 27, 2022
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| Coupon: | 18.75% 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 contingent coupon payment date after a year
|
| Initial prices: | $23.79 for oil fund, $82.71 for biotech fund
|
| Coupon barrier levels: | $16.653 for oil fund, $57.897 for biotech fund; 70% of initial levels
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| Knock-in levels: | $16.653 for oil fund, $57.897 for biotech fund; 70% of initial levels
|
| Pricing date: | Sept. 20
|
| Settlement date: | Sept. 27
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0%
|
| Cusip: | 22552FWV0
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