By Sarah Lizee
Olympia, Wash., Feb. 28 – Credit Suisse AG, London Branch priced $7 million of contingent coupon buffered autocallable yield notes due Aug. 26, 2027 linked to the least performing of the VanEck Vectors Gold Miners ETF and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annualized rate of 10.7% if each asset closes at or above its 80% coupon barrier on the related monthly observation date.
The notes will be called at par if each asset closes at or above its initial level on any monthly call observation date after one year.
The payout at maturity will be par unless either asset falls by more than 20%, in which case investors will lose 1% for each 1% decline of the worse performing asset beyond the 20% buffer.
Incapital LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon buffered autocallable yield notes
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| Underlying assets: | VanEck Vectors Gold Miners ETF and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $7 million
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| Maturity: | Aug. 26, 2027
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| Coupon: | 10.7% annualized, payable monthly if each asset closes at or above its coupon barrier on related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless either asset falls by more than buffer level, in which case 1% loss for each 1% decline of worse performing asset beyond buffer
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| Call: | At par if each asset closes at or above initial level on any monthly call observation date after one year
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| Initial levels: | $30.65 for gold ETF, $18.80 for oil ETF
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| Coupon barriers: | $24.52 for gold ETF, $15.04 for oil ETF; 80% of initial levels
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| Buffer levels: | $24.52 for gold ETF, $15.04 for oil ETF; 80% of initial levels
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| Agent: | Incapital LLC
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| Pricing date: | Feb. 21
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| Settlement date: | Feb. 26
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| Fees: | 4.5%
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| Cusip: | 22551NPJ9
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