Published on 4/24/2013 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $376,000 high/low coupon notes on S&P 500, oil fund
By Marisa Wong
Madison, Wis., April 24 - Credit Suisse AG, Nassau Branch priced $376,000 of high/low coupon callable yield notes due April 27, 2015 linked to the S&P 500 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 closes at or below its knock-in level, 60% of its initial level, during the life of the notes.
Interest is payable monthly. The coupon will be 5% per year unless a knock-in event occurs, in which case the coupon will be 1% per year for that and each subsequent monthly interest period.
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 lower-performing underlying component, subject to a maximum payout of par.
The notes are callable at par on any interest payment date.
Credit Suisse Securities (USA) LLC is the underwriter.
Issuer: | Credit Suisse AG, Nassau Branch
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Issue: | High/low coupon callable yield notes
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Underlying components: | S&P 500 index, United States Oil Fund, LP
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Amount: | $376,000
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Maturity: | April 27, 2015
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Coupon: | 5% per year unless either underlying component closes at or below its knock-in level during life of notes, in which case coupon will be 1% from then on; payable monthly
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Price: | Par
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Payout at maturity: | If any underlying component closes at or below its knock-in level during life of notes, par plus return of lower-performing underlying component, up to maximum payout of par; otherwise, par
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Call option: | At par on any interest payment date
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Initial levels: | 1,562.50 for index, $31.82 for fund
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Knock-in levels: | 937.50 for index, $19.092 for fund; 60% of initial levels
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Pricing date: | April 22
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Settlement date: | April 25
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Underwriter: | Credit Suisse Securities (USA) LLC
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Fees: | 2.25%
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Cusip: | 22546T5J6
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