By Wendy Van Sickle
Columbus, Ohio, Jan. 28 – Credit Suisse AG, London Branch priced $1.62 million of contingent coupon callable yield notes due Jan. 31, 2023 linked to the least performing of the SPDR S&P Biotech ETF and the Energy Select Sector SPDR 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 8.05% 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 a year.
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
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| Issue: | Contingent coupon callable yield notes
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| Underlying funds: | SPDR S&P Biotech ETF and Energy Select Sector SPDR fund
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| Amount: | $1.62 million
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| Maturity: | Jan. 31, 2023
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| Coupon: | 8.05% per year, payable quarterly if each fund closes at or above its coupon barrier on the related observation date
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| Price: | Par
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| 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
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| Call: | At par plus coupon on any contingent coupon payment date after a year
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| Initial prices: | $90.75 for biotech, $56.62 for energy
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| Coupon barrier levels: | $54.45 for biotech, $33.972 for energy; 60% of initial levels
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| Knock-in levels: | $54.45 for biotech, $33.972 for energy; 60% of initial levels
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| Pricing date: | Jan. 24
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| Settlement date: | Jan. 31
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2%
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| Cusip: | 22551NK47
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