Published on 7/30/2013 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $416,000 high/low coupon callable yield notes on index, fund
By Susanna Moon
Chicago, July 30 - Credit Suisse AG, London Branch priced $416,000 of high/low coupon callable yield notes due Jan. 30, 2015 linked to the Russell 2000 index and the United States Oil Fund, LP, according to a 424B2 filing with the Securities and Exchange Commission.
A knock-in event will occur if either underlying component ever closes at or below its 65% knock-in level during the life of the notes.
The coupon will be 8% per year unless a knock-in event occurs, in which case the coupon will be 1% per year for that and each subsequent quarterly interest period. Interest will be payable quarterly.
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 lowest performing component, up to a maximum payout of par.
The notes are callable at par on any interest payment date.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | High/low coupon callable yield notes
|
| Underlying components: | Russell 2000 index and the United States Oil Fund, LP
|
| Amount: | $416,000
|
| Maturity: | Jan. 30, 2015
|
| Coupon: | 8% per year, payable quarterly, unless either component closes below knock-in level, in which case 1% per year for that and each subsequent quarterly interest period
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes at or below knock-in level, in which case par plus return of worst performing index
|
| Call option: | At par plus contingent coupon on any interest payment date
|
| Initial index levels: | 1,048.51 for Russell, $37.21 for oil fund
|
| Barrier levels: | 681.5315 for Russell, $24.1865 for oil fund; 65% of initial levels
|
| Pricing date: | July 26
|
| Settlement date: | July 31
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.25%
|
| Cusip: | 22547Q4X1
|
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