By Wendy Van Sickle
Columbus, Ohio, Feb. 7 – Credit Suisse AG, London Branch priced $710,000 of contingent coupon autocallable yield notes due Feb. 22, 2018 linked to the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.8% if the ETF closes above its coupon barrier level, 75% of its initial level, on the observation date for that period.
The payout at maturity will be par unless the ETF finishes below its 75% knock-in level, in which case investors will lose 1% for each 1% decline from the initial level.
The notes will be callable at par if the ETF closes above its initial level on May 18, Aug. 17 or Nov. 16, 2017.
J.P. Morgan Securities LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying ETF: | SPDR S&P Oil & Gas Exploration & Production
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Amount: | $710,000
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Maturity: | Feb. 22, 2018
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Coupon: | 11.8% per year, payable quarterly if ETF closes at or above its barrier level on quarterly observation date
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Price: | Par
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Payout at maturity: | Par unless ETF finishes below its knock-in level, in which case investors full exposure to any losses of the ETF
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Call: | Automatically if ETF closes at or above its initial level on May 18, Aug. 17 or Nov. 16, 2017
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Initial level: | $40.68
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Barrier/knock-in levels: | $30.51; 75% of initial levels
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Pricing date: | Feb. 3
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Settlement date: | Feb. 8
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 1%
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Cusip: | 22548QUF0
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