Chicago, May 25 – Credit Suisse AG priced $280,000 of market-linked securities – autocallable with contingent coupon and contingent downside due Oct. 27, 2023 linked to the least performing of the SPDR S&P Biotech ETF and the SPDR S&P 500 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.15% if each fund closes at or above the 70% threshold on the observation date for that quarter.
Starting in April, the notes will be automatically called at par plus the contingent coupon if each fund closes at or above its initial level on any quarterly review date.
The payout at maturity will be par unless either fund falls below the 70% threshold, in which case investors will be fully exposed to any decline of the worst performing fund.
Wells Fargo Securities LLC is the agent.
| Issuer: | Credit Suisse AG
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| Issue: | Market-linked securities – autocallable with contingent coupon and contingent downside
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| Underlying ETFs: | SPDR S&P Biotech ETF and SPDR S&P 500 ETF
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| Amount: | $280,000
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| Maturity: | Oct. 27, 2023
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| Coupon: | 8.15% annual rate, payable quarterly if each fund closes at or above the threshold on the observation date for that quarter
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| Price: | Par
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| Call: | Automatically called at par if both funds finish above starting levels on any quarterly observation date after six months
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| Payout at maturity: | Par unless either fund falls below the 70% threshold, in which case investors will be fully exposed to any decline of the worst performing fund
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| Initial levels: | $126.17 for Biotech, $458.32 for S&P
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| Threshold levels: | $88.319 for Biotech, $320.824 for S&P; 70% of initial levels
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| Pricing date: | Oct. 28, 2021
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| Settlement date: | Nov. 2, 2021
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| Underwriter: | Wells Fargo Securities LLC
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| Fees: | 1.825%
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| Cusip: | 22552XWM1
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