Published on 3/31/2014 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.1 million contingent coupon callable yield notes on indexes
By Angela McDaniels
Tacoma, Wash., March 31 - Credit Suisse AG, London Branch priced $1.1 million of contingent coupon callable yield notes due April 1, 2024 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.
Each quarter, the notes will pay a contingent coupon at an annual rate of 7.45% if each index closes at or above its barrier level, 50% of the initial level, on the observation date for that quarter.
The payout at maturity will be par unless any index finishes at or below its barrier level, in which case investors will be fully exposed to the decline of the worst-performing index.
Beginning April 1, 2015, the notes will be callable at par plus the contingent coupon on any quarterly interest payment date.
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, Russell 2000 and Euro Stoxx 50
|
| Amount: | $1,095,000
|
| Maturity: | April 1, 2024
|
| Coupon: | 7.45% per year, payable quarterly if each index closes at or above its barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If any index finishes at or below barrier level, exposure to decline of worst-performing index; otherwise, par
|
| Call option: | At par plus coupon on any interest payment date from April 1, 2015 onward
|
| Initial levels: | 1,849.04 for S&P 500, 1,151.44 for Russell 2000 and 3,133.75 for Euro Stoxx 50
|
| Barrier levels: | 1924.52 for S&P 500, 575.72 for Russell 2000 and 1,566.875 for Euro Stoxx 50; 50% of initial levels
|
| Pricing date: | March 27
|
| Settlement date: | April 1
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2%
|
| Cusip: | 22547QKZ8
|
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