By Sarah Lizee
Olympia, Wash., June 6 – Credit Suisse AG, London Branch priced $686,000 of contingent coupon autocallable yield notes due June 7, 2021 linked to the least performing of the SPDR S&P Oil & Gas Exploration & Production ETF and the SPDR S&P Biotech 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 14% if each fund closes at or above its coupon barrier, 60% of its initial level, on the observation date for that quarter.
The notes will be automatically called at par if each fund closes at or above its initial level on any quarterly trigger observation date after six months.
The payout at maturity will be par unless any fund ever closes below its 60% knock-in level during the life of the notes, in which case the payout will be par plus the return of the lesser performing fund with a maximum payout of par.
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: | SPDR S&P Oil & Gas Exploration & Production ETF, SPDR S&P Biotech ETF
|
| Amount: | $686,000
|
| Maturity: | June 7, 2021
|
| Coupon: | 14% per year, payable quarterly if each fund closes at or above its coupon barrier on the quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any fund ever closes below its 60% knock-in level during the life of the notes, in which case the payout will be par plus the return of the lesser performing fund with a maximum payout of par
|
| Call: | Automatically at par if each fund closes at or above its initial level on any quarterly trigger observation date after six months
|
| Initial prices: | $25.61 for Oil & Gas, $79.44 for Biotech
|
| Coupon barriers: | $15.366 for Oil & Gas, $47.664 for Biotech; 60% of initial levels
|
| Knock-ins: | $15.366 for Oil & Gas, $47.664 for Biotech; 60% of initial levels
|
| Pricing date: | May 31
|
| Settlement date: | June 5
|
| Agent: | Credit Suisse Securities (USA) LLC and Incapital LLC
|
| Fees: | 0.8%
|
| Cusip: | 22552FC59
|
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