By Wendy Van Sickle
Columbus, Ohio, Jan. 9 – Credit Suisse AG, London Branch priced $279,000 of contingent coupon callable yield notes due Jan. 3, 2024 linked to the lesser performing of the SPDR S&P Oil & Gas Exploration & Production ETF and the VanEck Vectors Gold Miners 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 12.75% if each fund closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
Credit Suisse may redeem the notes at par on any quarterly contingent coupon payment date after one year.
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 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: | SPDR S&P Oil & Gas Exploration & Production ETF and VanEck Vectors Gold Miners ETF
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Amount: | $279,000
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Maturity: | Jan. 3, 2024
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Coupon: | 12.75% per year, payable quarterly if each fund closes at or above its coupon barrier on the quarterly 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: | On any contingent coupon payment date at par after one year
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Initial prices: | $20.20 for gold ETF, $26.37 for oil & gas ETF
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Coupon barrier levels: | $14.42 for gold ETF, $18.459 for oil & gas ETF; 70% of initial levels
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Knock-in levels: | $12.36 for gold ETF, $15.822 for oil & gas ETF; 60% of initial levels
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Pricing date: | Dec. 28
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Settlement date: | Jan. 3
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 1.125%
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Cusip: | 22551LMR8
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