By Sarah Lizee
Olympia, Wash., Feb. 10 – Credit Suisse AG, London Branch priced $80,000 of contingent coupon autocallable yield notes due Jan. 31, 2023 linked to the lesser performing of the Energy Select Sector SPDR fund and Technology 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% if each fund closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be automatically redeemed if both funds close above their initial prices on a quarterly trigger observation date beginning July 28.
The payout at maturity will be par unless either fund finishes below its 70% 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 autocallable yield notes
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| Underlying funds: | Energy Select Sector SPDR fund and Technology Select Sector SPDR fund
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| Amount: | $80,000
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| Maturity: | Jan. 31, 2023
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| Coupon: | 8% 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 investors will be fully exposed to any losses of the least-performing fund
|
| Call: | At par on any quarterly trigger observation date beginning July 28
|
| Initial prices: | $55.30 for Energy Select, $96.93 for Technology Select
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| Coupon barrier levels: | $38.71 for Energy Select, $67.851 for Technology Select; 70% of initial levels
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| Knock-in levels: | $38.71 for Energy Select, $67.851 for Technology Select; 70% of initial levels
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| Pricing date: | Jan. 28
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| Settlement date: | Jan. 31
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.25%
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| Cusip: | 22551NJZ0
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