Published on 2/25/2014 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.91 million autocallable step-up notes on S&P 500, Russell 2000
By Toni Weeks
San Luis Obispo, Calif., Feb. 25 - Credit Suisse AG, London Branch priced $1.91 million of 0% equity-linked autocallable step-up notes due Feb. 28, 2017 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index closes at or above its initial level on any annual review date, the notes will be automatically redeemed at par plus an annualized redemption premium of 8.35% per year.
If the notes are not called and the lower-performing index finishes at or above its knock-in level, 70% of the initial level, the payout at maturity will be par. If the lower-performing index finishes below its knock-in level, investors will be fully exposed to the decline.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Equity-linked autocallable step-up notes
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Underling indexes: | S&P 500, Russell 2000
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Amount: | $1,907,000
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Maturity: | Feb. 28, 2017
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If lower-performing index finishes at or above knock-in level, par; otherwise, exposure to losses of lower-performing index
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Call: | Automatically at par plus 8.35% annualized call premium if indexes both close at or above initial level on any annual review date beginning on Feb. 23, 2015
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Initial levels: | 1,836.25 for S&P 500, 1,164.63 for Russell
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Knock-in levels: | 1,285.375 for S&P 500, 815.241 for Russell, 70% of initial levels
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Pricing date: | Feb. 21
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Settlement date: | Feb. 28
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.7%
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Cusip: | 22547QHA7
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