By Sarah Lizee
Olympia, Wash., Jan. 24 – Credit Suisse AG, London Branch priced $2.2 million of contingent coupon callable yield notes due Jan. 14, 2022 linked to the lesser performing of the SPDR S&P Biotech ETF and the SPDR S&P Oil &Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a semiannual contingent coupon at an annual rate of 11.5% if each fund closes at or above its coupon barrier, 55% of its initial level, on the observation date for that period.
Credit Suisse may redeem the notes at par on any semiannual contingent coupon payment date.
The payout at maturity will be par unless either fund finishes below its 55% 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
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying funds: | SPDR S&P Biotech ETF and the SPDR S&P Oil &Gas Exploration & Production ETF
|
| Amount: | $2,198,000
|
| Maturity: | Jan. 14, 2022
|
| Coupon: | 11.5% per year, payable semiannually if each fund closes at or above its coupon barrier on the related observation date
|
| Price: | Par
|
| 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
|
| Call: | At par on any semiannual contingent coupon payment date
|
| Initial prices: | $83.38 for biotech fund, $31.61 for oil fund
|
| Coupon barrier levels: | $45.859 for biotech fund, $17.3855 for oil fund; 55% of initial levels
|
| Knock-in levels: | $45.859 for biotech fund, $17.3855 for oil fund; 55% of initial levels
|
| Pricing date: | Jan. 18
|
| Settlement date: | Jan. 25
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | None
|
| Cusip: | 22551LSL5
|
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