By Toni Weeks
San Luis Obispo, Calif., April 22 - Credit Suisse AG, Nassau Branch priced $542,000 of high/low coupon callable yield notes due July 23, 2014 linked to 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 either fund closes at or below its knock-in level, 65% of its initial level, during the life of the notes.
Interest is payable quarterly. The coupon will be 9% 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 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 fund, 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.
| Issuer: | Credit Suisse AG, Nassau Branch
|
| Issue: | High/low coupon callable yield notes
|
| Underlying ETFs: United States Oil Fund, LP and Market Vectors Gold Miners exchange-traded fund
|
| Amount: | $542,000
|
| Maturity: | July 23, 2014
|
| Coupon: | 9% per year unless any underlying component closes at or below its knock-in level during the life of the notes, in which case coupon will be 1% from then on; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If any underlying fund closes at or below its knock-in level during life of notes, par plus return of lowest-performing underlying ETF, up to maximum payout of par; otherwise, par
|
| Call option: | At par on any interest payment date beginning July 23
|
| Initial levels: | $31.64 for oil fund and $28.22 for gold fund
|
| Knock-in levels: | $20.566 for oil fund and $18.343 for gold fund; 65% of initial levels
|
| Pricing date: | April 18
|
| Settlement date: | April 22
|
| Underwriter: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.25%
|
| Cusip: | 22546T5N7
|
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