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Credit Suisse plans high/low coupon callable yield notes on S&P 500, Russell 2000 indexes, oil ETF
By Jennifer Chiou
New York, Aug. 23 - Credit Suisse AG, Nassau Branch plans to price high/low coupon callable yield notes due Aug. 31, 2012 linked to the S&P 500 index, 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 any underlying component closes at or below 70% of its initial level during any observation period.
Interest is payable quarterly. The coupon will be 22% to 24% per year unless a knock-in event occurs, in which case the coupon will be 1% per year for that and each subsequent quarter.
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, subject to a maximum payout of par.
The notes (Cusip: 22546TDZ1) are expected to price on Aug. 26 and settle on August 31.
Credit Suisse Securities (USA) LLC is the underwriter.
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