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Credit Suisse plans daily range accrual securities on Russell 2000
By Jennifer Chiou
New York, March 7 - Credit Suisse AG, Nassau Branch plans to price daily range accrual securities due March 28, 2023 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be the applicable coupon multiplied by the proportion of days during a monthly observation period on which the index closes above 75% of the initial index level. The application coupon will be 7.5% initially, then 8% from March 28, 2017 and 9% from March 30, 2020 to maturity. Interest will be payable monthly.
Beginning on March 28, 2014, the notes may be called in whole at par plus any contingent coupon.
The payout at maturity will be par if the final index level is at least 50% of the initial level. Otherwise, investors will share in losses.
The exact terms will be set at pricing.
The notes (Cusip: 22546T3T6) are expected to price on March 25 and settle on March 28.
Credit Suisse Securities (USA) LLC is the agent.
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