Published on 5/29/2013 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.84 million contingent coupon callable yield notes tied to indexes
By Toni Weeks
San Luis Obispo, Calif., May 29 - Credit Suisse AG, Nassau Branch priced $1.84 million of contingent coupon callable yield notes due June 3, 2016 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 semiannual coupon of 6.2% per year if each index closes at or above its barrier level, 70% of the initial level, on the observation date for that period. Otherwise, no coupon will be paid that period.
The notes will be callable at par plus the contingent coupon, if any, on any interest payment date.
The payout at maturity will be par unless either index finishes at or below its knock-in level, in which case investors will be fully exposed to the decline of the worst-performing index from its initial level. The knock-in level is 70% of the initial level.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, Nassau Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $1,838,000
|
| Maturity: | June 3, 2016
|
| Coupon: | 6.2% per year if each index closes at or above barrier level on semiannual observation date; otherwise, no coupon will be paid that period
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes at or below knock-in level, in which case par plus return of worst-performing index
|
| Call option: | At par plus contingent coupon on any interest payment date beginning Dec. 3, 2013
|
| Initial index levels: | 1,649.6 for S&P 500, 984.28 for Russell 2000
|
| Barrier/knock-in levels: | 1,154.72 for S&P 500, 688.996 for Russell 2000; 70% of initial levels
|
| Pricing date: | May 24
|
| Settlement date: | June 3
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.85%
|
| Cusip: | 22546T7G0
|
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