By William Gullotti
Buffalo, N.Y., May 26 – Credit Suisse AG, London Branch priced $1.22 million of 0% autocallable securities due May 26, 2026 linked to the performance of the Communication Services Select Sector SPDR Fund and the Financial Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an annualized redemption premium of 16.5% if all ETFs close at or above initial levels on any annual observation date.
If the notes are not called and the final level of each ETF is equal to or greater than its initial level, the payout at maturity will be par plus 66%.
If any ETF declines but each finish at or above knock-in level, 70% of initial level, the payout will be par.
If the final level of any ETF is less than its knock-in level, investors will lose 1% for each 1% decline of the lesser performing ETF from its initial level.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable securities
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| Underlying ETFs: | Communication Services Select Sector SPDR Fund, Financial Select Sector SPDR Fund
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| Amount: | $1,221,000
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| Maturity: | May 26, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each ETF finishes at or above initial level, par plus 66%; if any ETF declines but all finish at or above knock-in level, par; otherwise, 1% loss for each 1% decline of worst performing ETF from initial levels
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| Call: | Automatically at par plus annualized redemption premium of 16.5% if each ETF closes at or above its initial level on any annual observation date
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| Initial levels: | $58.02 for Communication, $32.92 for Financial
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| Knock-in levels: | $40.614 for Communication, $23.044 for Financial; 70% of initial levels
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| Pricing date: | May 20
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| Settlement date: | May 25
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | None
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| Cusip: | 22553PUA5
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