Published on 6/15/2010 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $105,000 callable yield notes on iShares MSCI Brazil, Australia
By Jennifer Chiou
New York, June 15 - Credit Suisse AG, Nassau Branch priced $105,000 of callable yield notes due Dec. 16, 2011 linked to the iShares MSCI Brazil index fund and the iShares MSCI Australia index fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly and is expected to be 7% per year for the first two quarterly interest periods and 11.5% per year thereafter.
The notes are callable at par on any interest payment date beginning June 16, 2011.
If the notes are not called, the payout at maturity will be par unless either underlying component falls to or below its knock-in level - 55% of its initial level - during the life of the notes, in which case investors will receive par plus the return of the worse-performing underlying component, up to a maximum payout of par.
Credit Suisse Securities (USA) LLC is the underwriter.
| Issuer: | Credit Suisse AG, Nassau Branch
|
| Issue: | Callable yield notes
|
| Underlying funds: | iShares MSCI Brazil index fund and iShares MSCI Australia index fund
|
| Amount: | $105,000
|
| Maturity: | Dec. 16, 2011
|
| Coupon: | 7% for first two quarters, then 11.5%, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If either component falls to or below its knock-in level during the life of the notes, par plus the return of the worse-performing component, capped at par; otherwise, par
|
| Call option: | At par on interest payment dates beginning June 16, 2011
|
| Initial levels: | $65.62 for iShares MSCI Brazil; $20.63 for iShares MSCI Australia
|
| Knock-in levels: | $36.091 for iShares MSCI Brazil; $11.3465 for iShares MSCI Australia; 55% of initial levels
|
| Pricing date: | June 11
|
| Settlement date: | June 16
|
| Underwriter: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.25%
|
| Cusip: | 22546ETN4
|
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