By Angela McDaniels
Tacoma, Wash., April 1 – Credit Suisse AG, London Branch priced $1.26 million of contingent coupon autocallable yield notes due March 29, 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.
Each quarter, the notes pay a contingent coupon at the rate of 11.5% per year if each ETF closes at or above its knock-in level, 60% of its initial share price, on the observation date for that quarter.
Beginning Sept. 25, the notes will be automatically called at par if each ETF closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par unless either ETF closes below its knock-in level during the life of the notes, in which case the payout will be par plus the return of the lesser-performing ETF, subject to a maximum payout of par.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying ETFs: SPDR S&P Biotech ETF and SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $1,255,000
|
| Maturity: | March 29, 2021
|
| Coupon: | Each quarter, notes pay contingent coupon at rate of 11.5% per year unless either ETF closes below knock-in level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either ETF closes below knock-in level during life of notes, in which case par plus return of lesser-performing ETF, subject to maximum payout of par
|
| Call: | Beginning Sept. 25, automatically at par if each ETF closes at or above initial share price on any quarterly observation date
|
| Initial share prices: | $89.72 for biotech ETF and $30.70 for oil ETF
|
| Knock-in levels: | $53.832 for biotech ETF and $18.42 for oil ETF; 60% of initial share prices
|
| Pricing date: | March 26
|
| Settlement date: | March 29
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.5%
|
| Cusip: | 22551LYA2
|
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