By Susanna Moon
Chicago, May 4 – Credit Suisse AG, London Branch priced $815,000 of contingent coupon autocallable yield notes due July 30, 2019 linked to the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 9% if the underlying asset closes at or above its 70% coupon barrier on the observation date for that month.
The notes will be called at par if the underlying fund closes at or above its initial level on any quarterly review date.
The payout at maturity will be par unless the fund ever closes below its 70% knock-in level during the life of the notes, in which case investors will be fully exposed to any losses.
Credit Suisse Securities (USA) LLC is the underwriter.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying asset: | SPDR S&P Biotech ETF
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| Amount: | $815,000
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| Maturity: | July 30, 2019
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| Coupon: | 9% annualized, payable monthly if fund closes at or above 70% coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless fund ever closes below 70% knock-in level, in which case 1% loss per 1% decline
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| Call: | At par if fund closes at or above its initial level on any quarterly review date
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| Initial level: | $86.35
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| Trigger level: | $60.445, 70% of initial level
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| Pricing date: | April 25
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| Settlement date: | April 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.5%
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| Cusip: | 22550WKL0
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