Published on 3/28/2014 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $10 million contingent coupon callable yield notes on indexes
By Marisa Wong
Madison, Wis., March 28 - Credit Suisse AG, London Branch priced $10 million of contingent coupon callable yield notes due March 31, 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 contingent quarterly coupon at an annual rate of 5.65% if each index closes at or above its barrier level, 65% of the initial level, on the observation date for that period.
The notes will be callable at par plus the contingent coupon on any quarterly interest payment beginning June 30.
The payout at maturity will be par unless either index finishes at or below its 65% knock-in level, in which case investors will be fully exposed to any losses of the worst performing index.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $10 million
|
| Maturity: | March 31, 2016
|
| Coupon: | 5.65%, payable quarterly if each index closes at or above its barrier level on observation date for that period
|
| 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 option: | At par plus coupon on any interest payment date beginning June 30
|
| Initial levels: | 1,852.56 for S&P, 1,155.49 for Russell
|
| Barrier levels: | 1,204.1640 for S&P, 751.0685 for Russell; 65% of initial levels
|
| Pricing date: | March 26
|
| Settlement date: | March 31
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.4%
|
| Cusip: | 22547QLN4
|
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