By Wendy Van Sickle
Columbus, Ohio, May 30 – Credit Suisse AG, London Branch priced $1.5 million of contingent coupon callable yield notes due Nov. 24, 2020 linked to the lowest performing of the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 11.2% if each ETF closes at or above its barrier level, 60% of its initial level, on a quarterly observation date.
The notes are callable at par on any coupon payment date beginning Nov. 24, 2017.
The payout at maturity will be par unless either ETF finishes below its 60% knock-in level, in which case investors will be exposed to any losses of the lesser-performing ETF.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
|
Issue: | Contingent coupon callable yield notes
|
Underlying ETFs: SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and SPDR S&P Biotech exchange-traded fund
|
Amount: | $1.5 million
|
Maturity: | Nov. 24, 2020
|
Coupon: | 11.2% per year, payable quarterly if each ETF closes at or above its barrier level on quarterly observation date
|
Price: | Par
|
Payout at maturity: | Par unless either ETF finishes below its knock-in level, in which case investors will be exposed to any losses of lesser-performing ETF
|
Call option: | At par on any coupon payment date beginning Nov. 24, 2017
|
Initial levels: | $35.52 for Oil & Gas ETF, $69.14 for Biotech ETF
|
Barrier/knock-in levels: | $21.312 for Oil & Gas ETF, $41.484 for Biotech ETF; 60% of initial levels
|
Pricing date: | May 19
|
Settlement date: | May 24
|
Agent: | Credit Suisse Securities (USA) LLC
|
Fees: | 2.95%
|
Cusip: | 22550B4W0
|
|
© 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.