By Marisa Wong
Morgantown, W.Va., July 23 – Credit Suisse AG, London Branch priced $1.69 million of contingent coupon autocallable yield notes due July 6, 2020 linked to the least performing of the SPDR S&P Biotech exchange-traded fund and 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 quarterly contingent coupon at an annual rate of 11.1% if each ETF closes at or above its coupon barrier, 55% of its initial level, on the related quarterly observation date.
The notes will be called at par if each ETF closes at or above its initial level on any quarterly trigger observation date after six months.
The payout at maturity will be par unless any ETF closes below its 55% knock-in level on any day during the life of the notes, in which case the payout will be par plus the return of the lowest performing ETF, subject to 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 ETFs: | SPDR S&P Biotech ETF and SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $1,686,000
|
| Maturity: | July 6, 2020
|
| Coupon: | 11.1% per year, payable each quarter that each ETF closes at or above its coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any ETF closes below its knock-in level on any day during the life of the notes, in which case par plus the return of the lowest performing ETF, subject to a maximum payout of par
|
| Call: | Automatically at par if each ETF closes at or above its initial level on any quarterly trigger observation date after six months
|
| Initial levels: | $95.19 for biotech ETF, $43.06 for oil ETF
|
| Coupon barriers: | $52.3545 for biotech ETF, $23.683 for oil ETF; 55% of initial levels
|
| Knock-in levels: | $52.3545 for biotech ETF, $23.683 for oil ETF; 55% of initial levels
|
| Pricing date: | June 29
|
| Settlement date: | July 5
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.625%
|
| Cusip: | 22550WV38
|
|
|
© 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.
