By Angela McDaniels
Tacoma, Wash., July 8 – Credit Suisse AG, London Branch priced $215,000 of contingent coupon autocallable yield notes due June 28, 2021 linked to the lesser performing of the SPDR S&P Biotech exchange-traded fund and the Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 9% per year if each ETF closes at or above its knock-in level, 70% of its initial level, on the observation date for that quarter.
Beginning Dec. 24, the notes will be automatically called at par if each ETF closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless either ETF finishes below its knock-in level, in which case investors will lose 1% for every 1% that the lesser-performing ETF declines from its initial share price.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying ETFs: SPDR S&P Biotech ETF and Technology Select Sector SPDR fund
|
| Amount: | $215,000
|
| Maturity: | June 28, 2021
|
| Coupon: | Each quarter, notes pay contingent coupon at rate of 9% per year unless either ETF closes below knock-in level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either ETF finishes below knock-in level, in which case 1% loss for every 1% that lesser-performing ETF declines from initial share price
|
| Call: | Beginning Dec. 24, automatically at par if each ETF closes at or above initial share price on any quarterly observation date
|
| Initial levels: | $84.41 for SPDR S&P Biotech ETF and $77.02 for Technology Select Sector SPDR fund
|
| Knock-in levels: | $59.087 for SPDR S&P Biotech ETF and $53.914 for Technology Select Sector SPDR fund, or 70% of initial levels
|
| Pricing date: | June 25
|
| Settlement date: | June 28
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.75%
|
| Cusip: | 22552FEG3
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
