Published on 3/15/2013 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $2.25 million contingent coupon callable yield notes tied to VMware
By Angela McDaniels
Tacoma, Wash., March 15 - Credit Suisse AG, Nassau Branch priced $2.25 million of contingent coupon callable yield notes due March 18, 2015 linked to the common stock of VMware, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Barclays is the agent.
The notes will pay a coupon at the rate of 12.5% per year if VMware stock closes at or above the barrier price, 70% of the initial share price, on the observation date for that quarter. Otherwise, no coupon will be paid that quarter.
The notes are callable at par plus the contingent coupon, if any, on any interest payment date.
If the notes are not called and the final share price is greater than or equal to the barrier price, the payout at maturity will be par. If the final share price is less than the barrier price, investors will receive a number of VMware shares equal to $1,000 divided by the initial share price.
| Issuer: | Credit Suisse AG, Nassau Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying stock: | VMware, Inc.
|
| Amount: | $2.25 million
|
| Maturity: | March 18, 2015
|
| Coupon: | 12.5% annualized, payable quarterly if VMware shares close at or above barrier price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless VMware shares finish below barrier price, in which case 12.2895 VMware shares
|
| Call option: | At par plus contingent coupon, if any, on any interest payment date
|
| Initial share price: | $81.37
|
| Barrier price: | $56.959, 70% of initial share price
|
| Pricing date: | March 13
|
| Settlement date: | March 18
|
| Agent: | Barclays
|
| Fees: | 1.5%
|
| Cusip: | 22546T4A6
|
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