By Angela McDaniels
Tacoma, Wash., Jan. 17 – Credit Suisse AG, London Branch priced $530,000 of contingent coupon buffered autocallable yield notes due July 20, 2026 linked to the VanEck Vectors Gold Miners exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 13.5% per year unless either ETF closes below its buffer level, 80% of its initial share price, on the observation date for that month.
Beginning Jan. 15, 2020, the notes will be automatically called at par if each ETF closes at or above its initial share price on any monthly observation date.
The payout at maturity will be par unless either ETF finishes below its buffer level, in which case investors will lose 1% for every 1% that the lesser-performing ETF declines beyond 20%.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon buffered autocallable yield notes
|
| Underlying ETFs: VanEck Vectors Gold Miners ETF and SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $530,000
|
| Maturity: | July 20, 2026
|
| Coupon: | Each month, notes pay contingent coupon at rate of 13.5% per year unless either ETF closes below buffer level on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless either ETF finishes below buffer level, in which case 1% loss for every 1% that lesser-performing ETF declines beyond 20%
|
| Call: | Automatically at par if each ETF closes at or above initial share price on any monthly observation date from Jan. 15, 2020 onward
|
| Initial share prices: | $20.61 for gold ETF and $30.77 for oil & gas ETF
|
| Buffer levels: | $16.488 for gold ETF and $24.616 for oil & gas ETF; 80% of initial share prices
|
| Pricing date: | Jan. 15
|
| Settlement date: | Jan. 18
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 4.55%
|
| Cusip: | 22551LTB6
|
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