By Angela McDaniels
Tacoma, Wash., Oct. 4 - Credit Suisse AG, Nassau Branch priced another $1.1 million of 0% Credit Suisse FI Enhanced Europe 50 exchange-traded notes due Sept. 10, 2018 linked to the Stoxx Europe 50 UDS (Gross Return) index, according to a 424B2 filing with the Securities and Exchange Commission.
The $1 million principal amount of additional notes sold at 110.39 for $1.1 million of proceeds.
The notes were first sold at par of $100 on Sept. 5, the inception date. The company plans to issue up to $200 million of the notes from time to time at varying prices. The issuer has sold $52.66 million of the notes so far.
The maturity of the ETNs may be extended at the issuer's option for up to two additional five-year periods.
The index is composed of 50 European blue-chip companies selected from within the Stoxx Europe 600 index, which contains the 600 largest stocks traded on the major exchanges of 18 European countries: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom.
The payout at maturity will be the average of the closing indicative value on each of the immediately preceding five trading days.
The closing indicative value was $100 on the inception date. On subsequent days, it equals the closing indicative value on the preceding business day plus the index amount on the current business day minus the investor fee minus the exposure fee minus the rebalance fee, if applicable, provided that if this calculation results in a negative value, the closing indicative note value will be zero on that day and all future days.
The notes are putable at any time, subject to a minimum of 10,000 notes.
The notes are callable at any time, and they will be automatically accelerated if the intraday indicative value falls to 40% of the initial indicative value or, after any rebalance event, 40% of the rebalanced indicative value.
Noteholders must pay a fee equal to 0.05% times the level of the index times the index units if the notes are put back or accelerated.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, Nassau Branch
|
| Issue: | ETN+ FI Enhanced Europe 50 ETNs
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| Underlying index: | Stoxx Europe 50 UDS (Gross Return) index
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| Amount: | $52.66 million, up from $49.66 million
|
| Maturity: | Sept. 10, 2018
|
| Coupon: | 0%
|
| Price: | Par of $100 for initial amount; 110.39 for latest $1 million
|
| Payout at maturity: | Amount equal to the average of the closing indicative value on each of the immediately preceding five trading days
|
| Put option: | At any time, subject to minimum of 10,000 notes
|
| Call option: | At any time
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| Acceleration: | If intraday indicative value falls to 40% of initial indicative value or, if applicable, rebalanced indicative value
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| Pricing dates: | Sept. 5 for initial $49.66 million; Oct. 3 for latest $1 million
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| Settlement dates: Sept. 10 for initial $49.66 million; Oct. 7 for latest add-on
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | None
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| Listing: | NYSE Arca: FIEU
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| Cusip: | 22542D100
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