Credit Suisse plans contingent coupon callable yield notes on Hornbeck

By Toni Weeks

San Luis Obispo, Calif., May 22 - Credit Suisse AG plans to price contingent coupon callable yield notes due May 31, 2016 linked to the common stock of Hornbeck Offshore Services, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a coupon at a rate that is expected to be 10% per year if Hornbeck stock closes at or above the barrier level, 70% of the initial share price, on the observation date for that quarter.

If the final share price is greater than or equal to the barrier level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.

The notes are callable at par on any interest payment date beginning Aug. 29.

Barclays is the agent.

The notes (Cusip: 22547QNC6) are expected to price May 23 and settle May 29.

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