By Angela McDaniels
Tacoma, Wash., May 31 – Credit Suisse AG, London Branch priced $2.1 million of contingent coupon autocallable yield notes due May 31, 2017 linked to the SPDR S&P Biotech exchange-traded fund and the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 12.55% per year unless either fund closes below its barrier level, 60% of its initial share price, on the observation date for that quarter.
The notes will be automatically called at par if each fund closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par unless either fund finishes below its barrier level, in which case investors will be fully exposed to the decline of the lesser-performing fund.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying funds: | SPDR S&P Biotech ETF and Energy Select Sector SPDR fund
|
| Amount: | $2.1 million
|
| Maturity: | May 31, 2017
|
| Coupon: | Each quarter, notes pay contingent coupon at rate of 12.55% per year unless either fund closes below barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund finishes below barrier level, in which case full exposure to decline of lesser-performing fund
|
| Call: | Automatically at par if each fund closes at or above initial share price on any quarterly observation date
|
| Initial share prices: | $56.84 for biotech fund and $67.30 for energy fund
|
| Barrier levels: | $34.104 for biotech fund and $40.38 for energy fund; 60% of initial share prices
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| Pricing date: | May 25
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| Settlement date: | May 31
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.85%
|
| Cusip: | 22548Q7M1
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