New Issue: Credit Suisse sells $3.11 million autocallable securities on oil and gas, biotech ETFs

By Wendy Van Sickle

Columbus, Ohio, Feb. 1 – Credit Suisse AG, London Branch, priced $3.11 million of 0% autocallable securities due Feb. 2, 2021 linked to the lesser performing of the SPDR S&P Biotech exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus a premium of 15.45% a year if each fund closes at or above its initial level on an annual observation date.

If the lesser performing fund’s return is at least equal to the 70% knock-in level, the payout at maturity will be par plus 46.35%. Otherwise, investors will lose 1% for each 1% decline of the laggard fund.

Credit Suisse Securities (USA) LLC is the agent.

Issuer:	Credit Suisse AG, London Branch
Issue:	Autocallable securities
Underlying ETFs:	SPDR S&P Oil & Gas Exploration & Production and SPDR S&P Biotech
Amount:	$3.11 million
Maturity:	Feb. 2, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	If return of each fund is at least equal to knock-in level, par plus 46.35%; otherwise, investors will lose 1% for each 1% decline of lesser performing fund
Call:	At par plus 15.45% per year if each fund closes at or above initial level on an annual observation date
Initial prices:	$39.06 for oil and gas ETF, $96.19 for biotech ETF
Knock-in levels:	$27.342 for oil and gas ETF, $67.333 for biotech ETF, 70% of initial level
Pricing date:	Jan. 26
Settlement date:	Feb. 2
Agents:	Credit Suisse Securities (USA) LLC
Fees:	0%
Cusip:	22550WA72

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