By William Gullotti
Buffalo, N.Y., Aug. 4 – Credit Suisse AG priced $449,000 of market-linked securities – autocallable with contingent downside due July 7, 2025 linked to the SPDR S&P Regional Banking ETF and the Financial Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a 16.5% annualized call premium if each ETF closes at or above its initial level on any semiannual observation date after one year.
If the notes are not called and each ETF finishes at or above its 60% downside threshold, the payout at maturity 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
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| Issue: | Market-linked securities – autocallable with contingent downside
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| Underlying funds: | SPDR S&P Regional Banking ETF, Financial Select Sector SPDR Fund
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| Amount: | $449,000
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| Maturity: | July 7, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the notes are not called and each ETF finishes at or above its downside threshold, par; otherwise, full exposure to decline of worst performer from initial level
|
| Call: | Automatically par plus a 16.5% annualized call premium if each ETF closes at or above its initial level on any semiannual observation date after one year
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| Initial levels: | $31.45 for Financial, $58.09 for Banking
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| Downside thresholds: | $22.015 for Financial, $40.663 for Banking; 60% of initial levels
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| Pricing date: | June 30
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| Settlement date: | July 6
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 2.425%
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| Cusip: | 22553Q2E6
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