Published on 5/6/2014 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $2.76 million contingent coupon callable yield notes on two indexes
By Toni Weeks
San Luis Obispo, Calif., May 6 - Credit Suisse AG, London Branch priced $2.76 million of contingent coupon callable yield notes due May 9, 2017 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent coupon at an annual rate of 6.3% if each index closes at or above its barrier level, 70% of the initial level, on any semiannual observation date. Interest, if any, is payable semiannually.
The notes will be callable at par plus the contingent coupon, if any, on any semiannual interest payment date beginning Nov. 10, 2014.
The payout at maturity will be par unless either index finishes at or below its 70% knock-in level, in which case investors will be fully exposed to the decline of the worst-performing index.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $2,756,000
|
| Maturity: | May 9, 2017
|
| Coupon: | 6.3%, payable semiannually if each index closes at or above its barrier level on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If either underlying component falls to or below barrier level, par plus return of worst-performing underlying index; otherwise, par
|
| Call option: | At par plus coupon, if any, on any interest payment date beginning Nov. 10, 2014
|
| Initial levels: | 1,881.14 for S&P, 1,128.802 for Russell
|
| Barrier levels: | 1,316.987 for S&P, 790.1614 for Russell; 70% of initial levels
|
| Pricing date: | May 2
|
| Settlement date: | May 9
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.2%
|
| Cusip: | 22547QME3
|
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