Credit Suisse plans to price 10.75% callable yield notes linked to silver, utilities ETFs

By Angela McDaniels

Tacoma, Wash., July 7 - Credit Suisse AG, Nassau Branch plans to price 10.75% callable yield notes due Aug. 4, 2011 linked to the iShares Silver trust and the Utilities Select Sector SPDR fund, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable quarterly.

Beginning Feb. 4, 2011, the notes will be callable at par on any interest payment date.

If either fund closes at or below its knock-in level - 65% of its initial level - during the life of the notes, the payout at maturity will be par plus the return of the worst-performing fund, subject to a maximum payout of par. Otherwise, the payout will be par.

The notes are expected to price July 30 and settle Aug. 4.

Credit Suisse Securities (USA) LLC is the underwriter.

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