By Taylor Fox
New York, Feb. 23 – Credit Suisse AG, London Branch priced $2.82 million of contingent coupon callable yield notes due Feb. 24, 2023 linked to the lesser performing of the SPDR Gold Trust 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 8.1% if each fund closes at or above its coupon barrier, 65% of its initial price, on the observation date for that period.
Credit Suisse may redeem the notes at par plus the coupon on any quarterly early redemption date after six months.
The payout at maturity will be par unless any fund finishes below its 65% knock-in price, in which case investors will be fully exposed to any losses of the lesser-performing fund.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying ETFs: | SPDR Gold Trust and the iShares Silver Trust
|
| Amount: | $2,822,000
|
| Maturity: | Feb. 24, 2023
|
| Coupon: | 8.1% per year, payable quarterly if each fund closes at or above its coupon barrier on the related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any fund finishes below its knock-in price, in which case full exposure to the losses of the lesser-performing fund
|
| Call option: | At par plus coupon on any quarterly early redemption date after six months
|
| Initial prices: | $166.32 for Gold and $25.06 for Silver
|
| Coupon barrier prices: | $108.108 for Gold and $16.289 for Silver, 65% of initial prices
|
| Knock-in prices: | $108.108 for Gold and $16.289 for Silver, 65% of initial prices
|
| Pricing date: | Feb. 18
|
| Settlement date: | Feb. 23
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.5%
|
| Cusip: | 22552XCG6
|
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