Chicago, Sept. 30 – Credit Suisse AG, London Branch priced $209,000 of contingent coupon autocallable yield notes due Aug. 31, 2020 linked to 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 the ETF closes at or above its coupon barrier value, 70% of its initial share price, on the valuation date for that quarter.
The notes will be automatically called at par plus the coupon if the ETF closes at or above its initial level on any quarterly observation date except the final one.
The payout at maturity will be par unless the ETF finishes below its knock-in value, 70% of its initial level, on any day during the life of the notes, in which case investors will lose 1% for every 1% that the ETF declines from its initial level 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 ETF: | SPDR S&P Oil & Gas Exploration & Production exchange-traded fund
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| Amount: | $209,000
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| Maturity: | Aug. 31, 2020
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| Coupon: | 10% per year, payable quarterly if ETF closes at or above coupon barrier value on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless ETF finishes below 70% knock-in value any day during the life of the notes, in which case 1% loss for every 1% that ETF declines with maximum payout of par
|
| Call: | Automatically at par plus coupon if ETF closes at or above initial level on any quarterly observation date except final date
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| Initial levels: | $20.60
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| Coupon barrier: | $14.42, or 70% of initial level
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| Final barrier: | $14.42, or 70% of initial level
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| Pricing date: | Aug. 27
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| Settlement date: | Aug. 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.125%
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| Cusip: | 22552FRG9
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