New Issue: Credit Suisse prices $1 million knock-out notes on oil & gas ETF

By Marisa Wong

Morgantown, W.Va., April 3 – Credit Suisse AG, London Branch priced $1 million of 0% knock-out notes due April 13, 2018 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

A knock-out event will occur if the final fund level is less than the initial level by more than 20%.

If a knock-out event has not occurred, the payout at maturity will be par plus 12.78%. If a knock-out event has occurred, investors will lose 1% for every 1% that the final fund level is less than the initial fund 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 ETF:	SPDR S&P Oil & Gas Exploration & Production ETF
Amount:	$1 million
Maturity:	April 13, 2018
Coupon:	0%
Price:	Par
Payout at maturity:	If final fund level is at least 80% of initial fund level, par plus 12.78%; otherwise, 1% loss for every 1% that fund declines from initial level
Initial price:	$35.37
Knock-out level:	$28.30, 80% of initial level
Final fund level:	Average of fund’s closing levels on five trading days ending April 10, 2018
Pricing date:	March 27
Settlement date:	March 30
Agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1%
Cusip:	22548QYL3

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