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Credit Suisse plans high/low coupon notes tied to Russell 2000, ETFs
By Marisa Wong
Madison, Wis., April 26 - Credit Suisse AG, Nassau Branch plans to price high/low coupon callable yield notes due Nov. 28, 2014 linked to the Russell 2000 index, the United States Oil Fund, LP and the Market Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
A knock-in event will occur if any underlying component closes at or below its knock-in level, 58% of its initial level, on any day during the life of the notes.
Interest is payable quarterly. The coupon will be 10% to 12% 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 exact rates 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 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.
The notes will price on May 28 and settle on May 31.
The Cusip number is 22546T5Z0.
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