By Angela McDaniels
Tacoma, Wash., May 2 - Credit Suisse AG, Nassau Branch priced $1.33 million of high/low coupon callable yield notes due Nov. 3, 2014 linked to the United States Oil Fund, LP and the Market Vectors Gold Miners exchange-traded fund, 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, 65% of its initial share price, during the life of the notes.
Interest is payable quarterly. The coupon will be 13% 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.
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 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
|
| Issue: | High/low coupon callable yield notes
|
| Underlying ETFs: United States Oil Fund, LP and Market Vectors Gold Miners exchange-traded fund
|
| Amount: | $1,331,000
|
| Maturity: | Nov. 3, 2014
|
| Coupon: | 13% per year unless either underlying component closes at or below its knock-in level, in which case coupon will be 1% from then on; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If either underlying component closes at or below its knock-in level during life of notes, par plus return of lowest-performing underlying component, up to maximum payout of par; otherwise, par
|
| Call option: | At par on any interest payment date
|
| Initial share prices: | $33.16 for oil ETF and $30.36 for gold ETF
|
| Knock-in levels: | $21.554 for oil ETF and $19.734 for gold ETF; 65% of initial levels
|
| Pricing date: | April 30
|
| Settlement date: | May 3
|
| Underwriter: | Credit Suisse Securities (USA) LLC
|
| Fees: | None
|
| Cusip: | 22546T5L1
|
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