By Wendy Van Sickle
Columbus, Ohio, Sept. 4 – Credit Suisse AG, London Branch priced $472,000 of contingent coupon callable yield notes due Aug. 30, 2022 linked to the lesser performing of 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.
The notes will pay a quarterly contingent coupon at an annual rate of 10% if each fund closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
Credit Suisse may redeem the notes at par plus the coupon on any quarterly contingent coupon payment date after six months.
The payout at maturity will be par unless either fund finishes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the least-performing fund.
Credit Suisse Securities (USA) LLC and Incapital LLC are the agents.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon callable yield notes
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Underlying funds: | VanEck Vectors Gold Miners ETF and the SPDR S&P Oil &Gas Exploration & Production ETF
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Amount: | $472,000
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Maturity: | Aug. 30, 2022
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Coupon: | 10% per year, payable quarterly 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 quarterly contingent coupon payment date after six months
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Initial prices: | $30.56 for Gold Miners, $20.60 for oil fund
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Coupon barrier levels: | $18.336 for Gold Miners, $12.36 for oil fund; 60% of initial levels
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Knock-in levels: | $18.336 for Gold Miners, $12.36 for oil fund; 60% of initial levels
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Pricing date: | Aug. 27
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Settlement date: | Aug. 30
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Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
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Fees: | 2.8%
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Cusip: | 22552FR61
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