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Prospect News home > News index > List of issuers C > Headlines for Credit Suisse AG, London Branch > News item |
Credit Suisse plans high/low coupon callable notes tied to S&P, Russell
By Susanna Moon
Chicago, Dec. 31 – Credit Suisse AG, London branch plans to price high/low coupon callable yield notes due Aug. 3, 2017 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange.
A knock-in event occurs if either index ever closes below its knock-in level, 70% of its initial level, on any day during the life of the notes.
The notes will pay a coupon of 9% to 11% unless a knock-in event occurs during the quarter, in which case the interest rate for that quarter and each subsequent quarter will be 1%. Interest is payable quarterly. The exact high coupon will be set at pricing.
The notes may be called at par on any payment date.
The payout at maturity will be par unless a knock-in event occurs, in which case the payout will be par plus the return of the worst performing index, up to a maximum payout of par.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price on Jan. 29 and settle on Feb. 5.
The Cusip number is 22546VRY4.
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