By Tali Rackner
Norfolk, Va., April 28 – Credit Suisse AG, London Branch priced $1.15 million of contingent coupon autocallable yield notes due Oct. 28, 2016 linked to the SPDR S&P Biotech exchange-traded fund and the common stock of AbbVie, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 12.9%, or about 6.45% for the term of the securities, if each underlier closes above its barrier level, 70% of its initial level, on July 25 and Oct. 25.
The notes will be automatically called at par plus the contingent coupon if either underlying asset closes at or above its initial level on July 25 and Oct. 25.
The payout at maturity will be par plus unless either asset closes below its knock-in level, in which case investors will receive be a number of shares of the worst-performing asset equal to $1,000 divided by the initial share price.
Credit Suisse Securities (USA) 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 assets: | SPDR S&P Biotech ETF and AbbVie, Inc.
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| Amount: | $1.15 million
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| Maturity: | Oct. 28, 2016
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| Coupon: | 12.9% per year, or about 6.45% for the term of the securities, payable on July 25 and Oct. 25 unless either underlier closes below barrier level on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless either underlier finishes below barrier level, in which case full exposure to decline of worst-performing stock
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| Call: | Automatically at par if each underlier closes at or above initial share price on July 25 or Oct. 25
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| Initial levels: | $57.60 for Biotech ETF, $60.97 for AbbVie
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| Barrier/knock-in levels: | $40.32 for Biotech ETF, $42.679 for AbbVie; 70% of initial share prices
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| Pricing date: | April 26
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| Settlement date: | April 28
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.85%
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| Cusip: | 22548Q4S1
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