By Sarah Lizee
Olympia, Wash., Aug. 1 – Credit Suisse AG, London Branch priced $203,000 of contingent coupon autocallable yield notes due Aug. 1, 2022 linked to the least performing of the VanEck Vectors Gold Miners ETF and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 11.75% if each fund closes at or above its coupon barrier, 60% of its initial level, on the observation date for that quarterly period.
The notes will be automatically called at par if each fund closes at or above its initial level on any quarterly trigger observation date beginning Feb. 3, 2020.
The payout at maturity will be par unless either fund finishes below its 60% knock-in level, in which case the payout will be par plus the return of the lesser performing fund.
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: | VanEck Vectors Gold Miners ETF and SPDR S&P Oil & Gas Exploration & Production ETF Amount: | $203,000
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Maturity: | Aug. 1, 2022
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Coupon: | 11.75% per year, payable quarterly if each fund closes at or above its coupon barrier on any quarterly 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 the payout will be par plus the return of the lesser performing fund
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Call: | Automatically at par if each fund closes at or above its initial level on any quarterly trigger observation date starting Feb. 3, 2020
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Initial prices: | $27.77 for gold ETF, $23.76 for oil ETF
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Coupon barriers: | $16.662 for gold ETF, $14.256 for oil ETF; 60% of initial levels
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Knock-ins: | $16.662 for gold ETF, $14.256 for oil ETF; 60% of initial levels
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Pricing date: | July 29
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Settlement date: | Aug. 1
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Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
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Fees: | 0.8%
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Cusip: | 22552FLD2
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