New Issue: Credit Suisse sells $1 million knock-out notes on PowerShares QQQ, iShares EM ETFs

By Marisa Wong

Morgantown, W.Va., July 19 – Credit Suisse AG, London Branch priced $1 million of 0% knock-out notes due July 17, 2019 linked to the lowest performing of the PowerShares QQQ Trust, Series 1 and the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange.

A knock-out event occurs if either fund closes below its initial price by more than 30% on any day during the life of the notes.

If a knock-out event has not occurred, the payout at maturity will be par plus 11%. Otherwise, the payout will be par plus the return of the lower performing fund, capped at 11%.

J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.

Issuer:	Credit Suisse AG, London Branch
Issue:	Knock-out notes
Underlying ETFs:	PowerShares QQQ Trust, Series 1 and iShares MSCI Emerging Markets ETF
Amount:	$1 million
Maturity:	July 17, 2019
Coupon:	0%
Price:	Par
Payout at maturity:	If each fund never closes below its initial price by more than 30% on any day during the life of the notes, par plus 11%; otherwise, par plus the return of the lower performing fund, capped at 11%
Initial price:	$171.19 for QQQ, $42.69 for EM
Knock-out price:	$119.83 for QQQ, $29.88 for EM; 70% of initial price
Final price:	Average of closing prices on five trading days ending July 12, 2019
Strike date:	June 28
Pricing date:	June 29
Settlement date:	July 5
Agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1%
Cusip:	22550BU50

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