By Wendy Van Sickle
Columbus, Ohio, Sept. 4 – Credit Suisse AG, London Branch priced $730,000 of market-linked securities due Aug. 27, 2021 – autocallable with contingent coupon and contingent downside linked to 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 quarterly coupon at an annual rate of 14% if the fund closes at or above its 75% threshold on the observation date for that quarter.
The notes will be called at par if the fund closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless the fund finishes below its threshold, in which case the payout will be par plus the return of the fund with full exposure to any losses.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Credit Suisse AG, London branch
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| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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| Underlying fund: | SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $730,000
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| Maturity: | Aug. 27, 2021
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| Coupon: | 14% annualized, payable quarterly if fund closes at or above 75% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | If fund closes above threshold, par; otherwise, 1% loss for each 1% decline
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| Call: | At par if fund closes at or above its initial level on any determination date from February 2020 to May 2021
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| Initial level: | $21.97
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| Threshold level: | $16.4775, 75% of initial level
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| Pricing date: | Aug. 29
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| Settlement date: | Sept. 4
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 2.25%
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| Cusip: | 22552FTD4
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