By Wendy Van Sickle
Columbus, Ohio, Sept. 3 – Credit Suisse AG London Branch priced $19.39 million of trigger autocallable contingent yield notes due Aug. 31, 2023 linked to the lesser performing of the iShares Russell 2000 ETF and the Invesco S&P 500 Equal Weight ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8% if each ETF closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par if each ETF closes at or above its initial level on any quarterly observation date other than the final one after six months.
The payout at maturity will be par unless either ETF finishes below the 70% downside threshold, in which case investors will lose 1% for each 1% decline of the worst performing ETF.
UBS Financial Services Inc. is the agent.
Issuer: | Credit Suisse AG London Branch
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Issue: | Trigger autocallable contingent yield notes
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Underlying ETFs: | iShares Russell 2000 ETF and Invesco S&P 500 Equal Weight ETF
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Amount: | $19,394,250
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Maturity: | Aug. 31, 2023
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Coupon: | 8%, payable quarterly if each ETF closes at or above coupon barrier on observation date
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Price: | Par
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Call: | At par plus contingent coupon if both ETFs close at or above initial levels on any quarterly observation date other than the final one after six months
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Payout at maturity: | Par unless either ETF closes below downside threshold, in which case 1% loss for each 1% decline of worst performing ETF
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Initial levels: | $155.42 for Russell ETF, $110.85 for S&P ETF
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Coupon barriers: | $108.79 for Russell ETF, $77.60 for S&P ETF; 70% of initial levels
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Downside thresholds: | $108.79 for Russell ETF, $77.60 for S&P ETF; 70% of initial levels
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Pricing date: | Aug. 26
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Settlement date: | Aug. 31
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Agent: | UBS Financial Services Inc.
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Fees: | 2%
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Cusip: | 22550X444
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