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Credit Suisse to price knock-out notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Feb. 19 - Credit Suisse AG plans to price 0% knock-out notes due Aug. 26, 2015 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
A knock-out event occurs if the index's closing level is less than the initial level by more than the knock-out buffer amount, which is expected to be 21.2% and will be set at pricing, on any day during the life of the notes.
If a knock-out event has not occurred, the payout at maturity will be par plus the greater of the index return and zero.
If a knock-out event has occurred, the payout will be par plus the index return. If that return is negative, investors will receive less than par.
The notes are expected to price Feb. 21 and settle Feb. 26.
The Cusip number is 22547QJB3.
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