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Credit Suisse plans high/low coupon callable notes on oil, gold funds
By Marisa Wong
Madison, Wis., June 3 - Credit Suisse AG plans to price high/low coupon callable yield notes due June 20, 2016 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 fund closes below its knock-in level, expected to be 61% to 64% of its initial share price, on any day during the life of the notes. The exact knock-in level will be set at pricing.
The coupon will be 9% per year unless a knock-in event occurs, in which case the coupon will be 1% per year for that and each subsequent interest period. Interest is payable quarterly. The exact rates will be set at pricing.
The notes are callable at par on any interest payment date.
If the notes are not called, 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 fund, up to a maximum payout of par.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price on June 13 and settle on June 18.
The Cusip number is 22547QNP7.
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