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Credit Suisse plans high/low coupon notes linked to S&P, Russell
By Angela McDaniels
Tacoma, Wash., May 31 - Credit Suisse AG, Nassau Branch plans to price high/low coupon callable yield notes due Oct. 3, 2013 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
A knock-in event will occur if either index closes at or below 60% of its initial level.
Interest is payable quarterly. The coupon will be 10.5% to 11.5% per year unless a knock-in event occurs, in which case the coupon is expected to be 1% 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 index, subject to a maximum payout of par.
The notes are callable at par on any interest payment date.
The notes (Cusip: 22546TUF6) are expected to price June 28 and settle July 3.
Credit Suisse Securities (USA) LLC is the underwriter.
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