Published on 10/28/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $10 million callable step-up notes with 3% initial rate
By Marisa Wong
Morgantown, W.Va., Oct. 28 – Credit Suisse AG, Nassau Branch priced $10 million of callable step-up securities due Oct. 28, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3% for the first five years, stepping up to 3.5% on Oct. 28, 2021, to 4% on Oct. 28, 2024, to 4.5% on Oct. 28, 2027 and to 5% on Oct. 28, 2030. Interest is payable quarterly.
The payout at maturity will be par.
Beginning Oct. 28, 2019, the notes are callable at par on any interest payment date.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley & Co. LLC is distributor.
Issuer: | Credit Suisse AG, Nassau Branch
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Issue: | Callable step-up securities
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Amount: | $10 million
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Maturity: | Oct. 28, 2031
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Coupon: | 3% for the first five years, stepping up to 3.5% on Oct. 28, 2021, to 4% on Oct. 28, 2024, to 4.5% on Oct. 28, 2027 and to 5% on Oct. 28, 2030; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Call option: | Beginning Oct. 28, 2019, notes are callable at par on any interest payment date
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Pricing date: | Oct. 25
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Settlement date: | Oct. 28
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Agent: | Credit Suisse Securities (USA) LLC
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Distributor: | Morgan Stanley & Co. LLC
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Fees: | 2%
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Cusip: | 22548QKJ3
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