Published on 4/19/2011 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.76 million 10% callable yield notes tied to mining, gold ETFs
By Angela McDaniels
Tacoma, Wash., April 19 - Credit Suisse AG, Nassau Branch priced $1.76 million of callable yield notes due Oct. 20, 2011 linked to the SPDR S&P Metals & Mining exchange-traded fund and the Market Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes carry a coupon of 10% per year. Interest will be paid on June 20, on Aug. 22 and at maturity.
The payout at maturity will be par unless either component falls to or below its knock-in level - 77.5% of its initial level - during the life of the notes, in which case investors will receive par plus the return of the worst-performing component, up to a maximum payout of par.
The notes are callable on any interest payment date.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, Nassau Branch
|
| Issue: | Callable yield notes
|
| Underlying ETFs: | SPDR S&P Metals & Mining ETF and Market Vectors Gold Miners ETF
|
| Amount: | $1,758,000
|
| Maturity: | Oct. 20, 2011
|
| Coupon: | 10%, payable June 20, Aug. 22 and at maturity
|
| Price: | Par
|
| Payout at maturity: | If either component falls to or below its knock-in level during the life of the notes, par plus the return of the worst-performing component, up to a maximum payment of par; otherwise, par
|
| Call option: | At par on any interest payment date
|
| Initial levels: | $72.50 for metals fund and $61.51 for gold fund
|
| Knock-in levels: | $56.1875 for metals fund and $47.6703 for gold fund; 77.5% of initial levels
|
| Pricing date: | April 15
|
| Settlement date: | April 20
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.5%
|
| Cusip: | 22546E3D4
|
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