By Wendy Van Sickle
Columbus, Ohio, June 8 – Credit Suisse AG, London Branch priced $1 million of contingent coupon buffered callable yield notes due June 8, 2020 linked to the lowest performing of the S&P 500 index 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 monthly coupon at an annualized rate of 10% if each asset closes at or above its coupon barrier level, 73.5% of its initial level, on a monthly observation date.
The notes are callable at par on any quarterly redemption date after one year.
The payout at maturity will be par unless either asset finishes below its 77% buffer, in which case investors will lose 1.3605% for each 1% decline of the lesser-performing asset beyond the buffer.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon buffered callable yield notes
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| Underlying assets: | S&P 500 index and SPDR S&P Biotech exchange-traded fund
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| Amount: | $1 million
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| Maturity: | June 8, 2020
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| Coupon: | 10% per year, payable monthly if each asset closes at or above its coupon barrier level on monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless either asset finishes below its buffer level, in which case investors lose 1.3605% for each 1% loss of lesser-performing asset beyond buffer
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| Call option: | At par on any quarterly redemption date after one year
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| Initial levels: | 2,430.06 for index, $69.58 for ETF
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| Coupon barrier/buffers: | 1,871.1462 for index, $53.5766 for ETF; 77% of initial levels
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| Pricing date: | June 2
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| Settlement date: | June 7
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.1%
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| Cusip: | 22550BAB9
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