Published on 8/3/2010 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $400,000 10.75% callable yield notes on iShares Silver, Utilities SPDR
By Susanna Moon
Chicago, Aug. 3 - Credit Suisse AG, Nassau Branch priced $400,000 of 10.75% callable yield notes due Aug. 4, 2011 based on the performance of the iShares Silver trust and the Utilities Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes are callable in whole at par on any interest payment date beginning Feb. 4, 2011.
The payout at maturity will be par unless either underlying component falls to or below its knock-in level - 65% of its initial level - during the life of the notes, in which case investors will receive par plus the return of the worst-performing fund, up to a maximum payout of par.
Credit Suisse Securities (USA) LLC is the underwriter.
Issuer: | Credit Suisse AG, Nassau Branch
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Issue: | Callable yield notes
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Underlying funds: | iShares Silver trust and the Utilities Select Sector SPDR fund
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Amount: | $400,000
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Maturity: | Aug. 4, 2011
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Coupon: | 10.75%, payable quarterly
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Price: | Par
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Call: | On any interest payment date after six months
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Payout at maturity: | If either fund closes at or below 65% of its initial level during the life of the notes, par plus return of worst-performing fund, capped at par; otherwise, par
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Initial levels: | $17.58 for iShares Silver and $30.37 for Utilities SPDR
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Knock-in levels: | $11.427 for iShares Silver and $19.7405 for Utilities SPDR; 65% of initial levels
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Pricing date: | July 30
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Settlement date: | Aug. 4
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Underwriter: | Credit Suisse Securities (USA) LLC
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Fees: | None
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Cusip: | 22546EWN0
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