By Angela McDaniels
Tacoma, Wash., Sept. 2 - Credit Suisse AG, Nassau Branch priced $2.82 million of high/low coupon callable yield notes due Sept. 6, 2011 linked to the S&P 500 index and 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 either underlying closes at or below 70% of its initial level.
Interest is payable quarterly. The coupon will be 19% per year unless a knock-in event occurs, in which case the coupon will be 5% per year for that and each subsequent quarter.
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 lower-performing underlying, up to a maximum payout of par.
Beginning March 6, 2011, the notes are callable at par on any interest payment date.
Credit Suisse Securities (USA) LLC is the underwriter.
| Issuer: | Credit Suisse AG, Nassau Branch
|
| Issue: | High/low coupon callable yield notes
|
| Underlyings: | S&P 500 index and Market Vectors Gold Miners exchange-traded fund
|
| Amount: | $2,821,000
|
| Maturity: | Sept. 6, 2011
|
| Coupon: | 19% per year unless either underlying closes at or below its knock-in level, in which case coupon will be 5% from then on; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If either underlying closes at or below its knock-in level during the life of the notes, par plus return of lower-performing underlying, up to maximum payout of par; otherwise, par
|
| Call option: | At par on any interest payment date from March 6, 2011 onward
|
| Initial levels: | 1,049.33 for index and $53.65 for ETF
|
| Knock-in levels: | 734.531 for index and $37.555 for ETF; 70% of initial levels
|
| Pricing date: | Aug. 31
|
| Settlement date: | Sept. 3
|
| Underwriter: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.5%
|
| Cusip: | 22546EXR0
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
