By Wendy Van Sickle
Columbus, Ohio, Jan. 15 – Credit Suisse AG, London Branch priced $1.74 million of contingent coupon callable yield notes due Jan. 17, 2023 linked to the least performing of the SPDR S&P Biotech 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 semiannually contingent coupon at an annual rate of 16.6% if each fund closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
Credit Suisse may redeem the notes at par plus the coupon on any contingent coupon payment date after a year.
The payout at maturity will be par unless either fund finishes below its 70% knock-in level, in which case investors will be fully exposed to any losses of the least-performing fund.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying funds: | SPDR S&P Biotech ETF and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $1.74 million
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| Maturity: | Jan. 17, 2023
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| Coupon: | 16.6% per year, payable semiannually if each fund closes at or above its coupon barrier on the related observation date
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| Price: | Par
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| Payout at maturity: | Par unless either fund finishes below its knock-in level, in which case full exposure to the losses of the least-performing fund
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| Call: | At par plus coupon on any contingent coupon payment date after a year
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| Initial prices: | $94.83 for biotech, $23.22 for oil & gas
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| Coupon barrier levels: | $66.381 for biotech, $16.254 for oil & gas; 70% of initial levels
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| Knock-in levels: | $66.381 for biotech, $16.254 for oil & gas; 70% of initial levels
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| Pricing date: | Jan. 10
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| Settlement date: | Jan. 17
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0%
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| Cusip: | 22551NHM1
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