By Susanna Moon
Chicago, Jan. 29 – Credit Suisse AG, London Branch priced $7 million of callable daily range accrual securities due July 31, 2023 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will accrue at 7.75% for each day that the index closes at or above its accrual barrier, 80% of its initial index level. Interest is payable monthly.
The payout at maturity will be par unless the index falls by more than 20%, in which case investors will be exposed to any losses beyond the 20% buffer.
The notes are callable at par on any interest payment date after one year.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Callable daily range accrual securities
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| Underlying index: | Russell 2000
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| Amount: | $7 million
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| Maturity: | July 31, 2023
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| Coupon: | 7.75% annualized for each day that the index closes at or above accrual barrier; payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless index falls by more than 20%, in which case exposure to any losses beyond 20%
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| Call option: | At par on any interest payment date beginning Jan. 30, 2017
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| Initial level: | 1,017.974
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| Accrual barrier: | 814.3792, 80% of initial level
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 29
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4%
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| Cusip: | 22546VTZ9
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