Published on 12/10/2013 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $933,000 high/low coupon callable yield notes linked to indexes
By Angela McDaniels
Tacoma, Wash., Dec. 10 - Credit Suisse AG, London Branch priced $933,000 of high/low coupon callable yield notes due Dec. 11, 2015 linked to the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
A knock-in event will occur if any underlying index closes at or below its knock-in level, 70% of its initial level, during the life of the notes.
The coupon will be 8% per year unless a knock-in event occurs, in which case the coupon will be 1% per year for that and each subsequent quarterly interest period. Interest is payable quarterly.
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 lowest-performing underlying index, up to a maximum payout of par.
The notes are callable at par on any interest payment.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | High/low coupon callable yield notes
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Underlying indexes: | S&P 500, Russell 2000 and Euro Stoxx 50
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Amount: | $933,000
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Maturity: | Dec. 11, 2015
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Coupon: | 8%, payable quarterly, unless any index closes below knock-in level, in which case 1% per year for that and each subsequent interest period
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Price: | Par
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Payout at maturity: | If any underlying index closes at or below its knock-in level during life of notes, par plus return of lowest-performing underlying component, up to maximum payout of par; otherwise, par
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Call option: | At par on any interest payment date
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Initial index levels: | 1,805.09 for S&P 500, 1,131.38 for Russell 2000 and 2,979.94 for Euro Stoxx 50
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Knock-in levels: | 1,263.563 for S&P 500, 791.966 for Russell 2000 and 2,085.958for Euro Stoxx 50, or 70% of initial levels
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Pricing date: | Dec. 6
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Settlement date: | Dec. 11
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.55%
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Cusip: | 22547QEC6
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