Chicago, Aug. 20 – Credit Suisse AG, London Branch priced $1.28 million of contingent coupon callable yield notes due Aug. 15, 2022 linked to the lesser performing of the iShares MSCI Emerging Markets 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 semiannual contingent coupon at an annual rate of 15.5% if each fund closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
Credit Suisse may redeem the notes at par plus the coupon on any semiannual contingent coupon payment date after one year.
The payout at maturity will be par unless either fund finishes below its 70% knock-in level, in which case investors will be fully exposed to any losses of the least-performing fund.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon callable yield notes
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Underlying funds: | iShares MSCI Emerging Markets ETF and the SPDR S&P Oil &Gas Exploration & Production ETF
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Amount: | $1,284,000
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Maturity: | Aug. 15, 2022
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Coupon: | 15.5% per year, payable semiannually if each fund closes at or above its coupon barrier on the related observation date
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Price: | Par
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Payout at maturity: | Par unless either fund finishes below its knock-in level, in which case full exposure to the losses of the least-performing fund
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Call: | At par plus coupon on any semiannual contingent coupon payment date after one year
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Initial prices: | $39.87 for MSCI, $22.29 for oil fund
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Coupon barrier levels: | $27.909 for MSCI, $15.603 for oil fund; 70% of initial levels
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Knock-in levels: | $27.909 for MSCI, $15.603 for oil fund; 70% of initial levels
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Pricing date: | Aug. 9
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Settlement date: | Aug. 14
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | None
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Cusip: | 22552FSL7
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