New Issue: Credit Suisse sells $1.91 million knock-out notes tied to S&P 500

By William Gullotti

Buffalo, N.Y., June 9 – Credit Suisse AG, London Branch priced $1.91 million of knock-out notes due May 31, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

A knock-out event will occur if the final index level is less than 76% of the initial level.

If a knock-out event has not occurred and the index gains, the payout at maturity will be par plus the gain. Otherwise, if a knock-out event has not occurred, the payout will be par.

If a knock-out event has occurred, investors will lose 1% for every 1% that the final index level is less than the initial index level.

J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.

Issuer:	Credit Suisse AG, London Branch
Issue:	Knock-out notes
Underlying index:	S&P 500
Amount:	$1.91 million
Maturity:	May 31, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If index finishes positive, par plus index return; if index finishes flat or declines up to 24%, par; otherwise, 1% loss for every 1% that final index level is less than initial index level
Initial index level:	4,158.24
Knock-out level:	3,160.26, 76% of initial level
Pricing date:	May 27
Settlement date:	June 2
Agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1.5%
Cusip:	22553PZ36

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