New Issue: Credit Suisse sells $1 million upside participation market-linked notes on three ETFs

By William Gullotti

Buffalo, N.Y., April 12 – Credit Suisse AG priced $1 million of 0% market-linked securities – leveraged upside participation and contingent downside due Oct. 12, 2023 linked to the VanEck Oil Services ETF, the SPDR S&P Oil & Gas Exploration & Production ETF and the Energy Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.

If each ETF finishes flat or gains, the payout at maturity will be par plus 138% of the least performing ETF’s return.

If the worst performing ETF falls by up to 30%, the payout will be par.

Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.

Wells Fargo Securities LLC is the agent.

Issuer:	Credit Suisse AG
Issue:	Market-linked securities – leveraged upside participation and contingent downside
Underlying funds:	VanEck Oil Services ETF, SPDR S&P Oil & Gas Exploration & Production ETF, Energy Select Sector SPDR Fund
Amount:	$1 million
Maturity:	Oct. 12, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 138% of any gain in laggard ETF; if worst performer falls by up to 30%, par; otherwise, 1% loss for every 1% decline of worst performer from initial level
Initial levels:	$280.72 for VanEck, $136.78 for Exploration, $77.40 for Sector
Threshold levels:	$196.504 for VanEck, $95.746 for Exploration, $54.18 for Sector; 70% of initial levels
Pricing date:	April 7
Settlement date:	April 12
Agent:	Wells Fargo Securities LLC
Fees:	2.5%
Cusip:	22553PQD4

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