By Devika Patel
Knoxville, Tenn., May 10 – Credit Suisse AG, London Branch priced $3 million of 0% trigger autocallable contingent yield notes due May 12, 2020 linked to the SPDR S&P Bank exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if each ETF closes at or above its barrier, 62.1% of its initial level, on the observation date for that quarter.
The notes will be called at par if each ETF closes at or above its initial level on any quarterly observation date after Nov. 8, 2017.
The payout at maturity will be par unless either ETF finishes below the downside threshold level, 62.1% of the initial level, in which case investors will lose 1% for every 1% decline of the worse performing ETF.
UBS Financial Services Inc. is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying ETFs: SPDR S&P Bank and SPDR S&P Oil & Gas Exploration & Production
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| Amount: | $3 million
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| Maturity: | May 12, 2020
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| Coupon: | 10%, payable quarterly if each ETF closes at or above barrier on quarterly observation date
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| Price: | Par of $10
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| Call: | At par if each ETF closes at or above its initial level on any quarterly observation date after Nov. 8, 2017
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| Payout at maturity: | Par unless either ETF finishes below downside threshold level, in which case 1% loss for every 1% decline of the worse performing ETF
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| Initial levels: | $43.13 for Bank, $35.29 for Oil
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| Barrier/thresholds: | $26.78 for Bank, $21.92 for Oil; 62.1% of initial levels
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| Pricing date: | May 8
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| Settlement date: | May 11
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| Agent: | UBS Financial Services Inc.
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| Fees: | 2%
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| Cusip: | 22549C113
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