By Taylor Fox
New York, Nov. 23 – Credit Suisse AG, London Branch priced $1.1 million of contingent coupon autocallable yield notes due Nov. 16, 2021 linked to the least performing of 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 10% if each fund closes at or above its coupon barrier, 72% 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.
The payout at maturity will be par unless either fund finishes below its 72% 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
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Issue: | Contingent coupon autocallable yield notes
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Underlying funds: | SPDR Gold Trust and the iShares Silver Trust
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Amount: | $1,100,000
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Maturity: | Nov. 16, 2021
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Coupon: | 10% per year, payable quarterly if each fund closes at or above its coupon barrier level on observation date
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Price: | Par
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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
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Call: | Automatically at par if each fund closes at or above initial level on any quarterly trigger observation date
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Initial prices: | $175.66 for gold and $22.43 for silver
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Coupon barriers: | $126.4752 for gold and $16.1496 for silver; 72% of initial levels
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Knock-in levels: | $126.4752 for gold and $16.1496 for silver; 72% of initial levels
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Pricing date: | Nov. 10
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Settlement date: | Nov. 16
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2%
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Cusip: | 22550MLM9
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