Published on 11/3/2014 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $4.84 million step-up contingent coupon notes tied to indexes
By Marisa Wong
Madison, Wis., Nov. 3 – Credit Suisse AG, London Branch priced $4.84 million of step-up contingent coupon callable yield notes due Oct. 31, 2024 linked to 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 if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that quarter. The contingent coupon rate is 9% per year in years one through four, 11% per year in years five through seven and 13% in years eight through 10.
The payout at maturity will be par unless either index finishes below its knock-in level, 50% of its initial level, in which case investors will be fully exposed to the decline of the lesser performing index.
The notes are callable on any interest payment date.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Step-up contingent coupon callable yield notes
|
| Underlying indexes: | Russell 2000, Euro Stoxx
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| Amount: | $4,838,000
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| Maturity: | Oct. 31, 2024
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| Contingent coupon: | Each quarter, notes pay contingent coupon if each index closes at or above its coupon barrier level on observation date for that quarter; contingent coupon rate is 9% per year in years one through four, 11% per year in years five through seven and 13% in years eight through 10
|
| Price: | Par
|
| Payout at maturity: | If final level of each index is greater than or equal to its knock-in level, par; otherwise, full exposure to decline of lesser performing index
|
| Call option: | At par on any interest payment date
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| Initial index levels: | 1,149.452 for Russell 2000 and 3,036.15 for Euro Stoxx 50
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| Coupon barriers: | 862.089 for Russell 2000 and 2,277.113 for Euro Stoxx 50; 75% of initial levels
|
| Knock-in levels: | 574.726 for Russell 2000 and 1,518.075 for Euro Stoxx 50; 50% of initial levels
|
| Pricing date: | Oct. 28
|
| Settlement date: | Oct. 31
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 4.35%
|
| Cusip: | 22547QU95
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