New Issue: Credit Suisse prices $645,000 9.5% bearish callable yield notes tied to S&P 500, Russell 2000

By Angela McDaniels

Tacoma, Wash., Sept. 2 - Credit Suisse AG, Nassau Branch priced $645,000 of 9.5% bearish callable yield notes due Sept. 6, 2011 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly.

The payout at maturity will be par unless either index closes at or above 125% of its initial level during the life of the notes, in which case the payout will be par minus the higher of the two index returns, subject 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:	Bearish callable yield notes
Underlying indexes:	S&P 500 index and Russell 2000
Amount:	$645,000
Maturity:	Sept. 6, 2011
Coupon:	9.5%, payable quarterly
Price:	Par
Payout at maturity:	If either index closes at or above 125% of its initial level during the life of the notes, par minus the higher of the two index returns, up to a maximum payout of par; otherwise, par
Call option:	At par on interest payment dates from March 6, 2011 onward
Initial index levels:	1,049.33 for S&P 500 and 602.06 for Russell 2000
Knock-in levels:	1,311.6625 for S&P 500 and 752.575 for Russell 2000; 125% of initial levels
Pricing date:	Aug. 31
Settlement date:	Sept. 3
Underwriter:	Credit Suisse Securities (USA) LLC
Fees:	2.5%
Cusip:	22546EXS8

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