By Wendy Van Sickle
Columbus, Ohio, Oct. 4 – Credit Suisse AG, London Branch priced $186,000 of contingent coupon autocallable yield notes due Oct. 4, 2021 linked to the lesser performing of the SPDR S&P Biotech exchange-traded fund and the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 13% if each fund closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
The notes will be automatically redeemed if both funds close above their initial prices on a quarterly trigger observation date beginning March 31, 2020.
The payout at maturity will be par unless either fund ever finishes below its 60% knock-in level during the life of the notes, in which case investors will be fully exposed to any losses of the least-performing fund with a maximum payout of par.
Credit Suisse Securities (USA) LLC and Incapital LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying funds: | SPDR S&P Biotech ETF and Energy Select Sector SPDR fund
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| Amount: | $186,000
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| Maturity: | Oct. 4, 2021
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| Coupon: | 13% per year, payable quarterly 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 during the life of the notes, in which case full exposure to the losses of the least-performing fund with a maximum payout of par
|
| Call: | At par on any quarterly trigger observation date beginning March 31, 2020
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| Initial prices: | $76.25 for biotech fund, $59.20 for energy fund
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| Coupon barrier levels: | $45.75 for biotech fund, $35.52 for energy fund; 60% of initial levels
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| Knock-in levels: | $45.75 for biotech fund, $35.52 for energy fund; 60% of initial levels
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| Pricing date: | Sept. 30
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| Settlement date: | Oct. 3
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| Agent: | Credit Suisse Securities (USA) LLC and Incapital LLC
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| Fees: | 0.8%
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| Cusip: | 22552FVR0
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