By Susanna Moon
Chicago, Sept. 1 – Credit Suisse AG, London Branch priced $28.18 million of 0% market-linked step-up notes due Aug. 25, 2017 tied to the S&P Oil & Gas Exploration & Production Select Industry index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus a call premium of 25.8% if the index closes at or above the initial level on the annual call date.
If the index finishes above the step-up level – 130% of the initial value – the payout at maturity will be par plus the index return.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 30%.
Otherwise, investors will be fully exposed to any losses.
BofA Merrill Lynch is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Market-linked step-up notes
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Underlying index: | S&P Oil & Gas Exploration & Production Select Industry
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Amount: | $28,182,960
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Maturity: | Aug. 25, 2017
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If index finishes above step-up level, par plus gain; if index gains up to step-up value, par plus 30%; exposure to any losses
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Call: | At par plus 25.8% if index closes at or above initial level on Sept. 9, 2016
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Initial level: | 5,453.82
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Step-up level: | 130% of initial level
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Pricing date: | Aug. 27
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Settlement date: | Sept. 4
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Agent: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 22548D43
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