By Wendy Van Sickle
Columbus, Ohio, March 31 – Credit Suisse AG, London Branch priced $1.72 million of 8% autocallable yield notes due March 29, 2019 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at a rate of 8% a year.
Beginning March 28, 2017, the notes will be automatically redeemed at par plus the coupon if the fund closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless the fund closes below its 50% knock-in level, in which case investors will be fully exposed to the decline of the fund.
Incapital LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable yield notes
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| Underlying ETF: | SPDR S&P Oil & Gas Exploration & Production
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| Amount: | $1.72 million
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| Maturity: | March 29, 2019
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| Coupon: | 8%, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par unless stock closes below 50% knock-in level, in which case full exposure to fund’s loss
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| Call: | Automatically at par plus coupon if fund closes above initial level on any quarterly observation date beginning March 28, 2017
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| Initial price: | $29.52
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| Knock-in level: | $14.76, 50% of initial price
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| Pricing date: | March 28
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| Settlement date: | March 31
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| Agent: | Incapital LLC
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| Fees: | 3.16%
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