New Issue: Credit Suisse sells $285,000 contingent coupon autocallable reverse convertibles on ETFs

By Kiku Steinfeld

Chicago, June 16 – Credit Suisse AG, London Branch priced $285,000 of contingent coupon autocallable reverse convertible securities due Dec. 6, 2022 linked to the least performing of the VanEck Vectors Gold Miners ETF and the iShares Silver trust, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly at an annualized rate of 8.5% if the funds close at or above their coupon barriers, 80% of their initial levels, on the corresponding observation date, in which case any previously unpaid coupons will also be paid.

The notes will be called at par if both funds close at or above their initial share prices on any quarterly trigger observation date.

If the notes are not called, the payout at maturity will be par unless either fund finishes below its trigger level, 80% of its initial price, in which case investors will receive shares of the least performing fund or cash at the issuer’s option, with full exposure to its losses.

Citigroup Global Markets Inc. is the placement agent.

Issuer:	Credit Suisse AG, London Branch
Issue:	Contingent coupon autocallable reverse convertible securities
Underlying funds:	VanEck Vectors Gold Miners ETF, iShares Silver trust
Amount:	$285,000
Maturity:	Dec. 6, 2022
Coupon:	8.5% payable quarterly plus any previously unpaid contingent coupons if funds close at or above coupon barrier on observation date
Price:	Par
Payout at maturity:	Par unless either fund finishes below trigger price, in which case, investors will receive shares of least performing fund or cash equivalent at option of issuer, with full exposure to its losses
Call:	At par if each asset closes at or above initial share price on any quarterly trigger observation date
Initial levels:	$21.16 for Silver, $32.13 for Gold
Coupon barriers:	$16.928 for Silver, $25.704 for Gold; 80% of initial share prices
Trigger prices:	$16.928 for Silver, $25.704 for Gold; 80% of initial share prices
Pricing date:	Nov. 29, 2021
Settlement date:	Dec. 6, 2021
Placement agent:	Citigroup Global Markets Inc.
Fees:	2%
Cusip:	22550MXB0

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