By Wendy Van Sickle
Columbus, Ohio, May 5 – Credit Suisse AG, London Branch priced $570,000 of contingent coupon autocallable yield notes due Aug. 5, 2019 linked to the lesser performing of the Financial Select Sector SPDR fund and the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 6.85% if each fund closes at or above its coupon barrier, 75% of its initial level, on the observation date for that quarter.
The notes will be called at par if each fund closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par unless either fund finishes below its initial level and either fund finishes below its 65% knock-in level, in which case investors will be fully exposed to any losses of the worse performing fund.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying funds: | Financial Select Sector SPDR fund, iShares MSCI Emerging Markets exchange-traded fund
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Amount: | $570,000
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Maturity: | Aug. 5, 2019
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Coupon: | 6.85% per year, payable quarterly if each fund closes at or above its barrier level on quarterly observation date
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Price: | Par
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Payout at maturity: | Par plus unless either fund finishes below knock-in level, in which full exposure to the losses of the worst-performing fund
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Call: | Automatically if each fund closes at or above its initial level on any quarterly call observation date beginning on July 31
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Initial prices: | $23.53 for Financial Select, $40.06 for Emerging Markets
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Barrier prices: | $17.6475for Financial Select, $30.045 for Emerging Markets; 75% of initial levels
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Knock-in prices: | $15.2945 for Financial Select, $26.039 for Emerging Markets; 65% of initial levels
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Pricing date: | April 28
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Settlement date: | May 3
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0.55%
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Cusip: | 22550B3L5
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