Published on 11/20/2012 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $2.5 million contingent coupon callable yield notes tied to JPMorgan
By Toni Weeks
San Diego, Nov. 20 - Credit Suisse AG, Nassau Branch priced $2.5 million of contingent coupon callable yield notes due May 21, 2014 linked to JPMorgan Chase & Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Barclays is the agent.
The notes will pay an annualized coupon of 10% each quarter if the closing price of JPMorgan stock is equal to or greater than the barrier price, 60% of the initial price. Otherwise, holders will not receive the contingent interest payment for that quarter.
The notes are callable at par plus the contingent coupon on any quarterly valuation date other than the last one.
If the notes are not called, the payout at maturity will be par if the final share price is greater than or equal to the knock-in price -60% of the initial price. If the final share price is less than the knock-in price, investors will receive a number of shares equal to $1,000 divided by the initial share price.
| Issuer: | Credit Suisse AG, Nassau Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying stock: | JPMorgan Chase & Co. (Symbol: JPM)
|
| Amount: | $2.5 million
|
| Maturity: | May 21, 2014
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| Coupon: | 10% annualized, payable quarterly, if JPMorgan shares closed at or above barrier price
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless JPMorgan shares finish below barrier price, in which case a number of shares equal to $1,000 divided by the initial share price
|
| Call option: | At par plus contingent coupon on Feb. 15, May 16, Aug. 16, 2013, Nov. 18, 2013 or Feb. 18, 2014
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| Initial share price: | $39.53
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| Barrier/knock-in price: | $23.718, 60% of initial share price
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| Pricing date: | Nov. 16
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| Settlement date: | Nov. 21
|
| Agent: | Barclays
|
| Fees: | 0.5%
|
| Cusip: | 22546TK75
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