By Susanna Moon
Chicago, Dec. 15 – Credit Suisse AG, London Branch priced $432,000 of contingent coupon autocallable yield notes due June 5, 2019 linked to the least performing of the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 13% if each underlying component closes at or above its 50% coupon barrier on an observation date for that quarter.
The notes will be called at par if each component closes above its initial level on any quarterly call date.
The payout at maturity will be par unless either component ever closes below its 50% knock-in level during the life of the notes, in which case investors will be fully exposed to any losses of the worse performing fund.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying assets: | SPDR S&P Oil & Gas Exploration & Production ETF, SPDR S&P Biotech ETF
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Amount: | $432,000
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Maturity: | June 5, 2020
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Coupon: | 13% annualized, payable quarterly if each component closes at or above its 75% barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either component ever closes below knock-in level, in which case 1% loss for each 1% decline of worse performing index or fund
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Call: | At par if each component closes above initial level on any quarterly call date
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Initial levels: | $83.19 for biotech fund and $35.72 for oil fund
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Knock-in levels: | $41.595 for biotech fund and $17.86 for fund; 50% of initial levels
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Agent: | Credit Suisse Securities (USA) LLC
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Pricing date: | Nov. 30
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Settlement date: | Dec. 5
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Fees: | 0.95%
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Cusip: | 22550BMP5
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