By Sarah Lizee
Olympia, Wash., March 11 – Credit Suisse AG, London Branch priced $305,000 of contingent coupon autocallable yield notes due March 4, 2022 linked to the lesser performing of the VanEck Vectors Gold Miners ETF and SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 12% if each fund closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
The notes will be automatically redeemed if both funds close above their initial prices on a quarterly trigger observation date after six months.
The payout at maturity will be par unless either fund ever closes below its 60% knock-in level on any day during the life of the notes, in which case investors will be fully exposed to any losses of the least-performing fund.
Credit Suisse Securities (USA) LLC and Incapital LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying funds: | VanEck Vectors Gold Miners ETF and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $305,000
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| Maturity: | March 4, 2022
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| Coupon: | 12% per year, payable quarterly if each fund closes at or above its coupon barrier on the related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund ever closes below its knock-in level on any day during the life of the notes, in which case investors will be fully exposed to any losses of the least-performing fund
|
| Call: | At par on any quarterly trigger observation date after six months
|
| Initial prices: | $26.22 for gold ETF, $15.38 for oil ETF
|
| Coupon barrier levels: | $15.732 for gold ETF, $9.228 for oil ETF; 60% of initial levels
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| Knock-in levels: | $15.732 for gold ETF, $9.228 for oil ETF; 60% of initial levels
|
| Pricing date: | Feb. 28
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| Settlement date: | March 4
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| Agent: | Credit Suisse Securities (USA) LLC and Incapital LLC
|
| Fees: | 0.75%
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| Cusip: | 22551NMM5
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