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Credit Suisse to price range accrual securities linked to Russell 2000
By Angela McDaniels
Tacoma, Wash., Oct. 1 - Credit Suisse AG plans to price callable daily range accrual securities due July 29, 2019 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be the applicable rate multiplied by the proportion of days on which the index's closing level is at least 80% of the initial index level. The applicable rate is expected to be 6.05% per year and will be set at pricing. Interest will be payable monthly.
The payout at maturity will be par unless the final index level is less than 80% of the initial index level, in which case investors will lose 1% for every 1% that the index declines beyond 20%.
Beginning Oct. 29, 2014, the notes will be callable at par on any interest payment date.
Credit Suisse Securities (USA) LLC is the underwriter.
The notes are expected to price Oct. 24 and settle Oct. 29.
The Cusip number is 22547QBN5.
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