By Kiku Steinfeld
Chicago, July 28 – Credit Suisse AG, London Branch priced $1.09 million of contingent coupon autocallable yield notes due July 26, 2021 linked to the least performing of the SPDR S&P Regional Banking exchange-traded fund and the VanEck Vectors Oil Services exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 16% if each asset closes at or above its 70% coupon barrier on the observation date for that month.
The notes will be called at par if each asset closes at or above its initial level on any monthly trigger observation date after six months.
The payout at maturity will be par unless either asset closes below its 60% knock-in level, in which case investors will lose 1% for each 1% that the least-performing asset declines.
Credit Suisse Securities (USA) LLC is the underwriter.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying assets: | SPDR S&P Regional Banking ETF and VanEck Vectors Oil Services ETF
|
| Amount: | $1,089,000
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| Maturity: | July 26, 2021
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| Coupon: | 16% annualized, payable monthly if each asset closes at or above 70% coupon barrier on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless either asset closes below 60% knock-in level, in which case 1% loss per 1% decline of least-performing asset
|
| Call: | At par if each asset closes at or above its initial level on any monthly trigger observation date after six months
|
| Initial prices: | $38.10 for Regional Banking and $38.1 for VanEck Vectors Oil
|
| Coupon barrier levels: | $26.670 for Regional Banking and $28.637 for VanEck Vectors Oil; 70% of initial prices
|
| Knock-in levels: | $22.860 for Regional Banking and $24.546 for VanEck Vectors Oil; 60% of initial prices
|
| Pricing date: | July 21
|
| Settlement date: | July 24
|
| Underwriter: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.5%
|
| Cusip: | 17328W3F3
|
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