By Wendy Van Sickle
Columbus, Ohio, March 27 – Credit Suisse AG, London Branch priced $683,000 of contingent coupon callable yield notes due March 27, 2023 linked to the least performing of the SPDR S&P Biotech ETF and the Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a semiannual contingent coupon at an annual rate of 8.25% if each fund closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
Credit Suisse may redeem the notes at par plus the coupon on any contingent coupon payment date after six months.
The payout at maturity will be par unless either fund finishes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the least-performing fund.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
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| Underlying funds: | SPDR S&P Biotech ETF and Technology Select Sector SPDR fund
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| Amount: | $683,000
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| Maturity: | March 27, 2023
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| Coupon: | 8.25% per year, payable semiannualy if each fund closes at or above its coupon barrier on the related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund finishes below its knock-in level, in which case full exposure to the losses of the least-performing fund
|
| Call: | At par plus coupon on any contingent coupon payment date
|
| Initial prices: | $69.12 | for biotech, $71.42 | for technology
|
| Coupon barrier levels: | $41.472 for biotech, $42.852 for technology; 60% of initial levels
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| Knock-in levels: | $41.472 for biotech, $42.852 for technology; 60% of initial levels
|
| Pricing date: | March 20
|
| Settlement date: | March 27
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.5%
|
| Cusip: | 22551NS80
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