By Kiku Steinfeld
Chicago, Aug. 7 – Credit Suisse AG, London Branch priced $794,000 of contingent coupon autocallable yield notes due July 29, 2021 linked to the lesser performing of the SPDR S&P Biotech 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.
The notes will pay a quarterly contingent coupon at an annual rate of 11.5% if each fund closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
The notes will be automatically redeemed if both funds close above their initial prices on a quarterly trigger observation date beginning Jan. 24, 2020.
The payout at maturity will be par unless either fund ever finishes below its 60% knock-in level during the life of the notes, in which case investors will be fully exposed to any losses of the least-performing fund with 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 funds: | SPDR S&P Biotech ETF and the SPDR S&P Oil &Gas Exploration & Production ETF
|
Amount: | $794,000
|
Maturity: | July 29, 2021
|
Coupon: | 11.5%per year, payable quarterly if each fund closes at or above its coupon barrier on the related observation date
|
Price: | Par
|
Payout at maturity: | Par unless either fund finishes below its knock-in level during the life of the notes, in which case full exposure to the losses of the least-performing fund with a maximum payout of par
|
Call: | At par on any quarterly trigger observation date beginning Jan. 24, 2020
|
Initial prices: | $86.08 for biotech fund, $25.25 for oil fund
|
Coupon barrier levels: | $51.648 for biotech fund, $15.15 for oil fund; 60% of initial levels
|
Knock-in levels: | $51.648 for biotech fund, $15.15 for oil fund; 60% of initial levels
|
Pricing date: | July 24
|
Settlement date: | July 29
|
Agent: | Credit Suisse Securities (USA) LLC
|
Fees: | 2.5%
|
Cusip: | 22552FMH2
|
|
© 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.