Published on 9/27/2013 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $723,000 high/low coupon callable yield notes tied to index, fund
By Toni Weeks
San Luis Obispo, Calif., Sept. 27 - Credit Suisse AG, London Branch priced $723,000 of high/low coupon callable yield notes due March 30, 2015 linked to the Euro Stoxx 50 index and the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
A knock-in event will occur if either underlying component closes at or below its knock-in level, 65% of its initial level, during the life of the notes.
Interest is payable quarterly. The coupon will be 7% per year unless a knock-in event occurs, in which case the coupon will be 1% per year for that and each subsequent quarterly interest period.
The payout at maturity will be par unless a knock-in event has occurred, in which case the payout will be par plus the return of the lowest-performing underlying component, subject to a maximum payout of par.
The notes are callable at par on any interest payment date.
Credit Suisse Securities (USA) LLC is the underwriter.
Issuer: | Credit Suisse AG, London Branch
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Issue: | High/low coupon callable yield notes
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Underlying components: | Euro Stoxx 50 index and iShares MSCI Emerging Markets ETF
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Amount: | $723,000
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Maturity: | March 30, 2015
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Coupon: | 7% per year unless either underlying component closes at or below its knock-in level during the life of the notes, in which case coupon will be 1% from then on; payable quarterly
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Price: | Par
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Payout at maturity: | If either underlying component closes at or below its knock-in level during life of notes, par plus return of lowest-performing underlying component, up to maximum payout of par; otherwise, par
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Call option: | At par on any interest payment date beginning Dec. 30
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Initial levels: | 2,927.35 for Euro Stoxx, $41.54 for iShares EM
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Knock-in levels: | 1,902.7775 for Euro Stoxx, $27.001 for iShares EM; 65% of initial levels
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Pricing date: | Sept. 25
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Settlement date: | Sept. 30
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Underwriter: | Credit Suisse Securities (USA) LLC
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Fees: | 2.25%
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Cusip: | 22547QAN6
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