Published on 6/26/2014 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $855,000 high/low coupon callable yield notes linked to S&P, Russell
By Jennifer Chiou
New York, June 26 – Credit Suisse AG, London Branch priced $855,000 of high/low coupon callable yield notes due March 27, 2017 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 underlying index closes at or below its knock-in level, 65% of its initial level, during the life of the notes.
The coupon will be 7% per year unless a knock-in event occurs, in which case the coupon will be 1% per year for that and each subsequent interest period. Interest is payable monthly.
The notes are callable at par on any interest payment date beginning on July 28.
If the notes are not called, 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 worst performing index, up to a maximum payout of par.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | High/low coupon callable yield notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $855,000
|
| Maturity: | March 27, 2017
|
| Coupon: | 7%, payable monthly unless either index closes below knock-in level, in which case 1% per year for that and each subsequent interest period
|
| Price: | Par
|
| Payout at maturity: | If either underlying index closes at or below its knock-in level during life of notes, par plus return of lowest-performing underlying index, up to maximum payout of par; otherwise, par
|
| Call option: | At par on any interest payment date
|
| Initial index levels: | 1,949.98 for S&P and 1,173.24 for Russell
|
| Knock-in levels: 1,267.487 for S&P and 762.606 for Russell; 65% of initial levels
|
| Pricing date: | June 24
|
| Settlement date: | June 27
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.25%
|
| Cusip: | 22547QPD2
|
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