Credit Suisse plans 10%-12% callable yield notes tied to metals ETFs

By Jennifer Chiou

New York, Dec. 29 - Credit Suisse AG, Nassau Branch plans to price 10% to 12% annualized callable yield notes due July 29, 2011 linked to the SPDR S&P Metals & Mining exchange-traded fund and the Market Vectors Gold Miners exchange-traded fund, according to a 424B2 with the Securities and Exchange Commission.

The exact coupon will be set at pricing. Interest will be payable on April 29, 2011 and at maturity.

The payout at maturity will be par unless either of the exchange-traded funds falls to or below its knock-in level - 72.5% of its initial level - during the life of the notes, in which case investors will receive par plus the return of the worst-performing ETF, capped at a maximum payout of par.

Beginning April 29, 2011, the notes will be callable at par on any interest payment date.

The notes (Cusip: 22546EN67) are expected to price on Jan. 26 and settle on Jan. 31.

Credit Suisse Securities (USA) LLC is the underwriter.

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