By Wendy Van Sickle
Columbus, Ohio, May 6 – Credit Suisse AG, London Branch priced $3.23 million of contingent coupon autocallable yield notes due April 30, 2020 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 10.5% per year if the ETF closes at or above the knock-in level, 70% of the initial share price, on the observation date for that quarter.
The notes will be automatically called at par if the ETF closes at or above the initial share price on any quarterly observation date.
The payout at maturity will be par unless the ETF closes below the knock-in level during the life of the notes, in which case the payout will be par plus the ETF’s return, subject to a maximum payout of par.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying ETF: | SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $3,233,000
|
| Maturity: | April 30, 2020
|
| Coupon: | Contingent coupon each quarter at rate of 10.5% per year if ETF closes at or above knock-in level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless ETF closes below knock-in level during life of notes, in which case par plus ETF’s return, subject to maximum payout of par
|
| Call: | Automatically at par if ETF closes at or above initial share price on any quarterly observation date
|
| Initial share price: | $31.79
|
| Knock-in level | $22.253, 70% of initial share price
|
| Pricing date: | April 25
|
| Settlement date: | April 30
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.125%
|
| Cusip: | 22552F6R8
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
