Chicago, March 29 – Credit Suisse AG priced $2.18 million of market-linked securities that are autocallable with contingent coupon and contingent downside due Feb. 29, 2024 linked to the least performing of the Financial Select Sector SPDR fund and the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly at an annualized rate of 7.25% if the funds close above their threshold levels, 60% of their initial levels, on the observation date for the quarter.
The notes will be called at par if both funds close at or above their initial share prices on any quarterly trigger observation date starting after six months.
If the notes are not called, the payout at maturity will be par unless either fund finishes below its 80% threshold level, in which case investors will be fully exposed to the losses of the worst performer.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Credit Suisse AG
|
| Issue: | Market-linked securities that are autocallable with contingent coupon and contingent downside
|
| Underlying funds: | Financial Select Sector SPDR fund and the Energy Select Sector SPDR fund
|
| Amount: | $2,175,000
|
| Maturity: | Feb. 29, 2024
|
| Coupon: | 7.25% annual rate, payable quarterly if funds close above threshold levels on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund finishes below threshold level, in which case full exposure to losses of worst performer
|
| Call: | At par if each asset closes at or above initial share price on any quarterly calculation date starting after six months
|
| Initial levels: | $32.94 for Financial and $49.32 for Energy
|
| Threshold levels: | $19.764 for Financial and $29.592 for Energy; 60% of initial share price
|
| Pricing date: | Feb. 25
|
| Settlement date: | March 3
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 2.225%
|
| Cusip: | 22552XCE1
|
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