Published on 10/30/2013 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $639,000 high/low coupon callable notes tied to S&P 500, Russell
By Toni Weeks
San Luis Obispo, Calif., Oct. 30 - Credit Suisse AG, London Branch priced $639,000 of high/low coupon callable yield notes due April 30, 2015 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
A knock-in event occurs if either underlying index falls to or below 75% of its initial level during the life of the notes.
If a knock-in event never occurs, the coupon will be 6%. If a knock-in event occurs during any quarterly observation period, the coupon for that interest period and each subsequent interest period is expected to 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 a knock-in event occurs, in which case investors will receive par plus the return of the worst-performing index, up to a maximum payout of par.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | High/low coupon callable yield notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $639,000
|
| Maturity: | April 30, 2015
|
| Coupon: | 6% if neither index 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 return of worst-performing index, capped at par; otherwise, par
|
| Call option: | On any interest payment date beginning Jan. 31
|
| Initial levels: | 1,762.11 for S&P 500, 1,117.97 for Russell
|
| Knock-in levels: | 1,321.5825 for S&P 500, 838.4775 for Russell, 75% of initial levels
|
| Pricing date: | Oct. 28
|
| Settlement date: | Oct. 31
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.5%
|
| Cusip: | 22547QBK1
|
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