Published on 9/4/2013 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.1 million contingent coupon callable yield notes on two indexes
By Susanna Moon
Chicago, Sept. 4 - Credit Suisse AG, London Branch priced $1.1 million of contingent coupon callable yield notes due Sept. 4, 2018 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
A knock-in event will occur if either underlying component finishes at or below its 65% barrier level.
The notes will pay a quarterly contingent coupon of 6.6% annualized if each index closes above its barrier level on the observation date for that quarter.
The payout at maturity will be par unless a knock-in event has occurred, in which case the payout will be par plus the return of the lowest performing underlying component, up to a maximum payout of par.
The notes are callable at par on any interest payment date after six months.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying components: | S&P 500 index and the Russell 2000 index
|
| Amount: | $1,103,000
|
| Maturity: | Sept. 4, 2018
|
| Coupon: | 6.6%, payable quarterly, unless either index closes below initial level, in which case 1% per year for that and each subsequent interest period
|
| Price: | Par
|
| Payout at maturity: | If either underlying component falls to or below barrier level, par plus return of lowest performing underlying component, up to maximum payout of par; otherwise, par
|
| Call option: | At par on any interest payment date beginning March 4, 2014
|
| Initial levels: | 1,638.17 for S&P, 1,026.94 for Russell
|
| Barrier levels: | 1,064.8105 for S&P, 667.511 for Russell; 65% of initial levels
|
| Pricing date: | Aug. 29
|
| Settlement date: | Sept. 4
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.5%
|
| Cusip: | 22547Q6X9
|
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