Published on 6/27/2013 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $708,000 high/low coupon callable yield notes on Russell, ETFs
By Toni Weeks
San Luis Obispo, Calif., June 27 - Credit Suisse AG, Nassau Branch priced $708,000 of high/low coupon callable yield notes due Dec. 29, 2014 linked to the Russell 2000 index, the United States Oil Fund, LP and the Market Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
A knock-in event will occur if any underlying component closes at or below its knock-in level, 58% of its initial level, during the life of the notes.
Interest is payable quarterly. The coupon will be 12% 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.
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 component, subject to a maximum payout of par.
The notes are callable at par on any interest payment date.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, Nassau Branch
|
| Issue: | High/low coupon callable yield notes
|
| Underlying components: | Russell 2000 index, United States Oil Fund, LP and Market Vectors Gold Miners exchange-traded fund
|
| Amount: | $708,000
|
| Maturity: | Dec. 29, 2014
|
| Coupon: | 12% per year unless any underlying component closes at or below its knock-in level during the life of the notes, in which case coupon will be 1% from then on; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If any underlying component 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
|
| Call option: | At par on any interest payment date beginning Sept. 30
|
| Initial levels: | 961.26 for Russell, $33.74 for oil fund and $23.66 for gold fund
|
| Knock-in levels: | 557.5308 for Russell, $19.5692 for oil fund and $13.7228 for gold fund; 58% of initial levels
|
| Pricing date: | June 25
|
| Settlement date: | June 28
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.25%
|
| Cusip: | 22547Q3J3
|
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