By Wendy Van Sickle
Columbus, Ohio, Jan. 4 – Credit Suisse AG priced $9.47 million of market-linked securities due Dec. 29, 2023 – autocallable with contingent coupon and contingent downside 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.
The notes will pay a contingent monthly coupon at an annual rate of 13.65% if each fund closes at or above its 70% coupon threshold on the observation date for that period.
The notes will be called at par if each fund closes at or above its initial level on any semiannual observation date after one year.
The payout at maturity will be par unless any fund finishes below its 70% downside threshold, in which case the payout will be par plus the return of the worst performing fund with full exposure to any losses.
Wells Fargo Securities, LLC is the agent.
Issuer: | Credit Suisse AG
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Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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Underlying funds: | VanEck Vectors | Gold Miners ETF and iShares | Silver Trust
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Amount: | $9,472,000
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Maturity: | Dec. 29, 2023
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Coupon: | 13.65% annualized, payable monthly if each fund closes at or above coupon threshold on observation date for that period
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Price: | Par
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Payout at maturity: | Par unless any fund falls by more than 30%, in which case 1% loss per 1% decline of worst performing fund
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Call: | At par if each fund closes at or above its initial level on any interest payment date after one year
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Initial levels: | $35.74 for gold, $24.39 for silver
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Coupon thresholds: | $25.018 for gold, $17.073 for silver; 70% of initial levels
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Downside thresholds: | $25.018 for gold, $17.073 for silver; 70% of initial levels
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Pricing date: | Dec. 29
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Settlement date: | Jan. 4
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Agent: | Wells Fargo Securities, LLC
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Fees: | 2.425%
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Cusip: | 22552WVQ5
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