By Wendy Van Sickle
Columbus, Ohio, Aug. 18 – Credit Suisse AG, London Branch priced $3.3 million of contingent coupon autocallable yield notes due Aug. 12, 2022 linked to the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
If the fund closes at or above the coupon barrier level, 80% of the initial share price, on a quarterly observation date, the notes will pay a contingent coupon at the rate of 19% per year for that quarter, plus any previously unpaid coupons.
The notes will be automatically called at par if the fund closes at or above the initial share price on any quarterly observation date after one year.
The payout at maturity will be par unless the fund finishes below the 80% barrier level, in which case investors will lose 1% for every 1% that the fund declines from its initial level.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are placement agents.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying fund: | SPDR S&P Oil & Gas Exploration & Production ETF
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Amount: | $3.3 million
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Maturity: | Aug. 12, 2022
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Coupon: | If fund closes at or above buffer level on quarterly observation date, notes pay contingent coupon at rate of 19% per year for that quarter, plus any previously unpaid coupons
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Price: | Par
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Payout at maturity: | Par unless fund finishes below barrier level, in which case investors will lose 1% for every 1% that fund declines
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Call: | Automatically at par if fund closes at or above initial share price on any quarterly observation date after one year
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Initial share price: | $53.20
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Barrier level: | $42.56, 80% of initial share price
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Coupon barrier level: | $42.56, 80% of initial share price
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Pricing date: | Aug. 7
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Settlement date: | Aug. 14
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Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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Fees: | 1.5%
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Cusip: | 22552WEV3
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