By Wendy Van Sickle
Columbus, Ohio, Dec. 26 – Credit Suisse AG, London Branch priced $1.38 million of trigger autocallable contingent yield notes due Dec. 24, 2020 linked to the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at a rate of 8% per year if the ETF closes at or above the coupon barrier, 71% of the initial price, on the observation date for that quarter.
The notes will be automatically called at par of $10 if the ETF closes at or above the initial price on any quarterly observation date after six months.
If the notes are not called and the final price is greater than or equal to the 71% downside threshold level, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will lose 1% for every 1% that the final price is less than the initial price.
UBS Financial Services Inc. will act as distributor.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying ETF: | Financial Select Sector SPDR fund
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| Amount: | $1.38 million
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| Maturity: | Dec. 24, 2020
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| Coupon: | 8%, payable quarterly if shares close at or above coupon barrier on observation date
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| Price: | Par of $10
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| Call: | After six months, at par if shares close at or above initial price on any observation date
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| Payout at maturity: | Par plus final coupon unless ETF finishes below downside threshold, in which case 1% loss for every 1% decline
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| Initial price: | $23.40
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| Coupon barrier/downside threshold: | $16.61, 71% of initial price
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| Pricing date: | Dec. 20
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| Settlement date: | Dec. 26
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| Distributor: | UBS Financial Services Inc.
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| Fees: | 1.5%
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| Cusip: | 22549Y271
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