By Marisa Wong
Madison, Wis., Jan. 22 - Credit Suisse AG, Nassau Branch priced $2.69 million of contingent coupon callable yield notes due Jan. 26, 2015 linked to United States Steel Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Barclays is the placement agent.
The notes will pay a quarterly coupon of 10% per year if the closing price of U.S. Steel stock is equal to or greater than the barrier price, 55% of the initial price, on a quarterly observation date. 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 after one year.
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, 55% 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: | United States Steel Corp. (Symbol: X)
|
| Amount: | $2,691,000
|
| Maturity: | Jan. 26, 2015
|
| Coupon: | 10% per year, payable quarterly if U.S. Steel shares close at or above barrier price on quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless U.S. Steel shares finish below knock-in 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 any quarterly observation date beginning Jan. 24, 2014
|
| Initial share price: | $24.77
|
| Barrier/knock-in price: | $13.6235, 55% of initial share price
|
| Pricing date: | Jan. 18
|
| Settlement date: | Jan. 24
|
| Placement agent: | Barclays
|
| Fees: | 1.5%
|
| Cusip: | 22546TU41
|
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