By Kiku Steinfeld
Chicago, July 3 – Credit Suisse AG, London Branch priced $1.62 million of contingent coupon autocallable yield notes due May 28, 2021 linked to the least performing of the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 11.5% if each fund closes at or above its coupon barrier, 60% of its initial level, on the observation date for that quarter.
The notes will be automatically called at par if each fund closes at or above its initial level on any quarterly trigger observation date beginning Nov. 25.
The payout at maturity will be par unless either fund ever closes below its 60% knock-in level during the life of the notes, in which case the payout will be par plus the return of the lesser performing fund with 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 funds: | SPDR S&P Oil & Gas Exploration & Production ETF, SPDR S&P Biotech ETF
|
| Amount: | $1,615,000
|
| Maturity: | May 28, 2021
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| Coupon: | 11.5% per year, payable quarterly if each fund closes at or above its coupon barrier on any quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any fund ever closes below its 60% knock-in level during the life of the notes, in which case the payout will be par plus the return of the lesser performing fund with a maximum payout of par
|
| Call: | Automatically at par if each fund closes at or above its initial level on any quarterly trigger observation date after six months
|
| Initial prices: | $26.71 for Oil & Gas, $82.03 for Biotech
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| Coupon barriers: | $16.026 for Oil & Gas, $49.218 for Biotech; 60% of initial levels
|
| Knock-ins: | $16.026 for Oil & Gas, $49.218 for Biotech; 60% of initial levels
|
| Pricing date: | May 28
|
| Settlement date: | May 31
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.5%
|
| Cusip: | 22552FC42
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