By Marisa Wong
Morgantown, W.Va., Feb. 15 – Credit Suisse AG, London Branch priced $3.3 million of 0% capped knock-out notes due Feb. 21, 2019 linked to the SPDR S&P Regional Banking exchange-traded fund, according to a 424B2 filing with the Securities and Exchange.
The payout at maturity will be par plus any ETF gain, capped at 21.4%.
If the ETF falls by up to 15%, the payout will be par.
If the ETF falls by more than the 15% knock-out buffer, investors will be fully exposed to the ETF’s decline.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Capped knock-out notes
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| Underlying ETF: | SPDR S&P Regional Banking ETF
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| Amount: | $3.3 million
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| Maturity: | Feb. 21, 2019
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus any ETF gain, capped at 21.4%; par if ETF falls by up to 15%; otherwise, full exposure to ETF’s decline
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| Initial share price: | $62.64
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| Knock-out buffer: | 15%
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| Final share price: | Average of ETF’s closing share prices on five trading days ending Feb. 15, 2019
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| Pricing date: | Feb. 2
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| Settlement date: | Feb. 7
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| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1%
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| Cusip: | 22550WCS4
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