Published on 7/2/2013 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $210,000 high/low coupon callable yield notes on Russell, funds
By Susanna Moon
Chicago, July 2 - Credit Suisse AG, Nassau Branch priced $210,000 of high/low coupon callable yield notes due Jan. 5, 2015 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 55% knock-in level during the life of the notes.
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. 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 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
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| Amount: | $210,000
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| Maturity: | Jan. 5, 2015
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| 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 Oct. 3
|
|
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| Initial levels: | 977.48 for Russell, $34.15 for oil fund and $24.41 for gold fund
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| Knock-in levels: | 537.614 for Russell, $18.7825 for oil fund and $13.4255 for gold fund; 55% of initial levels
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| Pricing date: | June 28
|
| Settlement date: | July 3
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | None
|
| Cusip: | 22547Q3K0
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