By Wendy Van Sickle
Columbus, Ohio, June 6 – Credit Suisse AG, London Branch priced $1.5 million of 0% knock-out notes due June 12, 2019 linked to the VanEck Vectors Gold Miners exchange-traded fund and the VanEck Vectors Oil Services exchange-traded fund, according to a 424B2 filing with the Securities and Exchange.
If each ETF closes at or above 70% of its initial level each day during the life of the notes, the payout at maturity will be par plus 13.2%.
If either ETF has closed below knock-out level during the life of the notes, but the final level of the lowest performing ETF is above the knock-out level, investors will receive par plus the positive or negative return of the laggard ETF plus 13.2%, subject to a maximum gain of 13.2%.
Otherwise, investors will have 1-to-1 exposure to the final loss of the lesser-performing ETF.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Knock-out notes
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| Underlying ETFs: | VanEck Vectors Gold Miners exchange-traded fund and the VanEck Vectors Oil Services exchange-traded fund
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| Amount: | $1.5 million
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| Maturity: | June 12, 2019
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 13.2% if each ETF closes above knock-out buffer each day during life of notes; if either ETF closes below knock-out level during life of notes, but final level of lowest performing ETF is above knock-out level, par plus positive or negative return of laggard ETF plus 13.2%, subject to maximum gain of 13.2%; otherwise, 1-to-1 exposure to final loss of the lesser-performing ETF
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| Initial share prices: | $27.10 for Oil, $22.31 for Gold
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| Knock-out buffers: | $18.97 for Oil, $15.617 for Gold, 70% of initial levels
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| Pricing date: | May 25
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| Settlement date: | May 31
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| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1%
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| Cusip: | 22550WVH7
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