Published on 5/28/2014 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $2.9 million autocallable step-up notes on S&P 500, Russell
By Marisa Wong
Madison, Wis., May 28 - Credit Suisse AG, London Branch priced $2.9 million of 0% equity-linked autocallable step-up notes due June 2, 2017 tied to the performance of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If both indexes close at or above their respective initial levels on an annual review date, the notes will be automatically redeemed at par plus a premium of 8.05% per year.
If the notes are not called, the payout at maturity will be par plus the underlying return of the lower performing index.
If the final level of either index is less than its knock-in level, 70% of the initial level, the underlying return will equal the index return. Otherwise, the underlying return will equal zero.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Equity-linked autocallable step-up notes
|
| Underlying indexes: | S&P 500, Russell 2000
|
| Amount: | $2,902,000
|
| Maturity: | June 2, 2017
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus underlying return of lower performing index; if final level of either index is less than its knock-in level, underlying return will equal index return; otherwise, underlying return will equal zero
|
| Call: | Automatically at par pus 8.05% per year if both indexes close at or above their respective initial levels on an annual review date
|
| Initial levels: | 1,900.53 for S&P 500, 1,126.19 for Russell 2000
|
| Knock-in levels: | 1,330.371 for S&P 500, 788.333 for Russell 2000; 70% of initial levels
|
| Pricing date: | May 23
|
| Settlement date: | May 30
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.7%
|
| Cusip: | 22547QMK9
|
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