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Credit Suisse plans high/low coupon callable yield notes on Russell 2000, Market Vectors Gold
By Marisa Wong
Madison, Wis., Sept. 3 - Credit Suisse AG, Nassau Branch plans to price high/low coupon callable yield notes due Sept. 30, 2011 linked to the Russell 2000 index and the Market Vectors Gold Miners exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
A knock-in event will occur if either underlying component closes at or below 70% of its initial level.
Interest will be payable quarterly. The coupon is expected to be 17% per year unless a knock-in event occurs, in which case the coupon is expected to be 6% for that and each subsequent quarter. The exact coupons 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 lower-performing underlying component, up to a maximum payout of par.
Beginning March 30, 2011, the notes will be callable at par on any interest payment date.
The notes (Cusip: 22546EYV0) are expected to price Sept. 27 and settle Sept. 30.
Credit Suisse Securities (USA) LLC is the underwriter.
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