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Credit Suisse plans high/low coupon notes on S&P 500, Russell 2000
By Marisa Wong
Madison, Wis., Oct. 1 - Credit Suisse AG plans to price high/low coupon callable yield notes due April 30, 2015 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
A knock-in event will occur if either underlying index ever closes at or below its 75% knock-in level during any observation period.
The coupon will be 6% to 8% per year unless a knock-in event occurs, in which case the coupon will be 1% per year for that and each subsequent interest period. Interest will be payable quarterly. The exact coupon rate will be set at pricing.
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 lower performing index, up 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.
The notes will price on Oct. 28 and settle on Oct. 31.
The Cusip number is 22547QBK1.
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