By Taylor Fox
New York, Nov. 11 – Credit Suisse AG, London Branch priced $661,000 of contingent coupon autocallable yield notes due April 20, 2022 linked to the least performing of VanEck Vectors Gold Miners ETF and the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 12% if each fund closes at or above its coupon barrier, 60% 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 trigger observation date starting Jan. 14, 2021.
The payout at maturity will be par unless either fund finishes below its 60% knock-in level, in which case investors will be fully exposed to the losses of the least-performing fund.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying funds: | VanEck Vectors Gold Miners ETF and iShares Silver Trust
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| Amount: | $661,000
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| Maturity: | April 20, 2022
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| Coupon: | 12% per year, payable quarterly if each fund closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund finishes below its knock-in level, in which case full exposure to the losses of the least-performing fund
|
| Call: | Automatically at par if each fund closes at or above initial level on any quarterly trigger observation date starting Jan. 14, 2021
|
| Initial prices: | $40.30 for gold and $22.59 for silver
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| Coupon barriers: | $24.18 for gold and $13.554 for silver; 60% of initial levels
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| Knock-in levels: | $24.18 for gold and $13.554 for silver; 60% of initial levels
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| Pricing date: | Oct. 15
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| Settlement date: | Oct. 20
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.8%
|
| Cusip: | 22552WPN9
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