Published on 6/28/2012 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.3 million high/low coupon notes on index, funds
By Marisa Wong
Madison, Wis., June 28 - Credit Suisse AG, Nassau Branch priced $3.3 million of high/low coupon callable yield notes due June 28, 2013 linked to the Russell 2000 index, 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 occurs if any underlying component falls to or below 55% of its initial level on any day during the life of the notes.
If a knock-in event does not occur, the interest rate will be 11.5% annualized. If a knock-in event occurs during any observation period, the coupon for that interest period and each subsequent interest period will be 1%. Interest is payable quarterly.
The notes are callable at par on any interest payment date.
The payout at maturity will be par unless any component falls to or below its knock-in level during the life of the notes, in which case investors will receive par plus the return of the worst-performing component, up to a maximum payout of par.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, Nassau Branch
|
| Issue: | High/low coupon callable yield notes
|
| Underlying components: | Russell 2000 index, United States Oil Fund, LP and Market Vectors Gold Miners ETF
|
| Amount: | $3,303,000
|
| Maturity: | June 28, 2013
|
| Coupon: | 11.5% if no component falls to or below knock-in level during quarterly observation period; otherwise, 1% for that period and afterward; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If knock-in event occurs, par plus the return of the worst-performing component, capped at par; otherwise, par
|
| Call option: | On any interest payment date beginning Sept. 28
|
| Initial levels: | 765.02 for Russell, $29.81 for United States Oil Fund, $44.45 for Market Vectors Gold Miners
|
| Knock-in levels: | 420.761 for Russell, $16.3955 for United States Oil Fund, $24.4475 for Market Vectors Gold Miners; 55% of initial levels
|
| Pricing date: | June 26
|
| Settlement date: | June 29
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.25%
|
| Cusip: | 22546TUE9
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
