Published on 10/30/2013 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $700,000 contingent coupon callable yield notes on two indexes
By Marisa Wong
Madison, Wis., Oct. 30 - Credit Suisse AG, London Branch priced $700,000 of contingent coupon autocallable yield notes due Oct. 31, 2023 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6.55% if each index closes at or above its barrier level, 75% of the initial level, on the observation date for that quarter.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any interest payment beginning on Oct. 30, 2015.
The payout at maturity will be par unless either index finishes at or below its 75% knock-in level, in which case investors will be fully exposed to the decline of the worst-performing index.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $700,000
|
| Maturity: | Oct. 31, 2023
|
| Coupon: | 6.55%, payable quarterly if each index closes at or above its barrier level on quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | If either underlying component falls to or below barrier level, par plus return of worst-performing underlying index; otherwise, par
|
| Call: | Automatically at par plus contingent coupon if each index closes at or above its initial level on any interest payment beginning on Oct. 30, 2015
|
| Initial levels: | 1,762.11 for S&P, 1,117.97 for Russell
|
| Barrier levels: | 1,321.5825 for S&P, 838.4775 for Russell; 75% of initial levels
|
| Pricing date: | Oct. 28
|
| Settlement date: | Oct. 31
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 4%
|
| Cusip: | 22547QC61
|
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