By William Gullotti
Buffalo, N.Y., Nov. 10 – Credit Suisse AG, London Branch priced $4.65 million of 0% autocallable securities due Nov. 10, 2025 linked to the lowest performing of the S&P 500 index and the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an annual redemption premium of 14% if all underliers close at or above initial levels on any annual observation date.
If the notes are not called and the final level of each underlier is greater than or equal to its initial level, the payout at maturity will be par plus 56%.
If any underlier declines up to 25%, the payout at maturity will be par.
If the final level of any underlier is less than its 75% downside threshold, investors will lose 1% for each 1% decline of the lesser performing underlier from its initial level.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable securities
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| Underlying assets: | S&P 500 index, SPDR S&P Biotech ETF
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| Amount: | $4.65 million
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| Maturity: | Nov. 10, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each underlier finishes at or above initial level, par plus 56%; if the worst performer declines up to the downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing underlier from its initial level
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| Call: | Automatically at par plus annualized redemption premium of 14% if each underlier closes at or above its initial level on any annual observation date
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| Initial levels: | $131.32 for ETF, 4,697.53 for S&P
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| Downside threshold: | $98.49 for ETF, 3,523.1475 for S&P; 75% of initial levels
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| Pricing date: | Nov. 5
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| Settlement date: | Nov. 10
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | None
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| Cusip: | 22553P2F5
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