Published on 5/18/2011 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $417,000 six-month 13% callable yield notes on metals, gold ETFs
By Toni Weeks
San Diego, May 18 - Credit Suisse AG, Nassau Branch priced $417,000 of 13% annualized callable yield notes due Nov. 21, 2011 linked to the SPDR S&P Metals & Mining exchange-traded fund and the Market Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable on July 19, Sept. 19 and the maturity date.
The notes are callable at par on any interest payment date.
The payout at maturity will be par unless either component falls to or below its knock-in level - 77.5% of its initial level - during the life of the notes, in which case investors will receive par plus the return of the worst-performing component, up to a maximum payout of par.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, Nassau Branch
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Issue: | Callable yield notes
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Underlying funds: | SPDR S&P Metals & Mining exchange-traded fund, Market Vectors Gold Miners exchange-traded fund
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Amount: | $417,000
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Maturity: | Nov. 21, 2011
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Coupon: | 13%, payable July 19, Sept. 19 and maturity date
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Price: | Par
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Payout at maturity: | If either fund falls to or below its knock-in level during the life of the notes, par plus the return of the worst-performing fund, capped at par; otherwise, par
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Call option: | At par on any interest payment date
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Initial levels: | $68.28 for metals and mining fund, $54.47 for gold miners fund
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Knock-in levels: | $52.9170 for metals and mining fund, $42.2143 for gold miners fund
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Pricing date: | May 16
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Settlement date: | May 19
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | None to 0.25%
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Cusip: | 22546E6H2
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