New York, May 10 – Credit Suisse AG, London Branch priced $1 million of 0% knock-out notes due May 23, 2018 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange.
A knock-out event will occur if the final share price is less than the initial share price by more than 30%.
If a knock-out event has not occurred and the ETF return is less than or equal to zero, the payout at maturity will be par.
If a knock-out event has not occurred and the ETF return is positive, the payout will be par 8.8%.
If a knock-out event has occurred, investors will be fully exposed to the ETF’s decline.
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 fund: SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $1 million
|
| Maturity: | May 23, 2018
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If a knock-out event has not occurred and the ETF return is less than or equal to zero, par; if a knock-out event has not occurred and the ETF return is positive, par plus 8.8%; if a knock-out event has occurred, investors will be fully exposed to the ETF’s decline
|
| Knock-out event: | Final share price is less than the initial share price by more than 30%
|
| Initial price: | $33.51
|
| Pricing date: | May 5
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| Settlement date: | May 10
|
| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 1%
|
| Cusip: | 22550B4C4
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