By Wendy Van Sickle
Columbus, Ohio, Sept. 27 – Credit Suisse AG, London Branch priced $970,000 of contingent coupon callable yield notes due Sept. 27, 2022 linked to the lesser 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 semiannual contingent coupon at an annual rate of 18.75% if each fund closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
Credit Suisse may redeem the notes at par plus the coupon on any contingent coupon payment date after a year.
The payout at maturity will be par unless either fund finishes below its 70% 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 the SPDR S&P Biotech ETF
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Amount: | $970,000
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Maturity: | Sept. 27, 2022
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Coupon: | 18.75% per year, payable semiannually if each fund closes at or above its coupon barrier on the related 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: | At par plus coupon on any contingent coupon payment date after a year
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Initial prices: | $23.79 for oil fund, $82.71 for biotech fund
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Coupon barrier levels: | $16.653 for oil fund, $57.897 for biotech fund; 70% of initial levels
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Knock-in levels: | $16.653 for oil fund, $57.897 for biotech fund; 70% of initial levels
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Pricing date: | Sept. 20
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Settlement date: | Sept. 27
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0%
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Cusip: | 22552FWV0
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