New Issue: Credit Suisse sells $2.53 million contingent income autocallables on ETFs

By Wendy Van Sickle

Columbus, Ohio, Feb. 21 – Credit Suisse AG, London Branch priced $2.53 million of contingent income autocallable securities due Feb. 21, 2020 linked to the Industrial Select Sector SPDR fund, the Financial Select Sector SPDR fund and the Technology Select Sector SPDR fund, according to a 424B2 filed with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 10% if each ETF closes at or above its 75% coupon barrier on the observation date for that quarter.

The notes will be called at par if each ETF closes at or above its initial level on any quarterly review date other than the final one.

The payout at maturity will be par unless any underlying ETF finishes below its 75% downside threshold level, in which case investors will be fully exposed to any losses of the worst performing ETF.

Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Smith Barney LLC is handling distribution.

Issuer:	Credit Suisse AG, London Branch
Issue:	Autocallable contingent income securities
Underlying ETFs:	Industrial Select Sector SPDR fund, Financial Select Sector SPDR fund and Technology Select Sector SPDR fund
Amount:	$2,531,500
Maturity:	Feb. 21, 2020
Coupon:	10% annualized, payable quarterly if each ETF closes at or above coupon barrier on related quarterly observation date
Price:	Par
Payout at maturity:	If each ETF finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing ETF
Call:	At par if each ETF closes at or above its initial level on any quarterly call date other than the final one
Initial levels:	$75.69 for Industrial Select, $26.43 for Financial Select and $69.62 for Technology Select
Coupon barriers:	$57.66 for Industrial Select, $19.82 for Financial Select and $52.22 for Technology Select, 75% of initial levels
Downside thresholds:	$57.66 for Industrial Select, $19.82 for Financial Select and $52.22 for Technology Select, 75% of initial levels
Pricing date:	Feb. 15
Settlement date:	Feb. 21
Agent:	Credit Suisse Securities (USA) LLC with Morgan Stanley Smith Barney LLC handling distribution
Fees:	1.75%
Cusip:	22549Y628

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.