By Jennifer Chiou
New York, April 27 - Credit Suisse AG, Nassau Branch priced $745,000 of high/low coupon callable yield notes due April 30, 2012 linked to the SPDR S&P Metals and Mining exchange-traded fund 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 75% of its initial level.
Interest is payable quarterly. The coupon will be 13.5% per year unless a knock-in event occurs, in which case the coupon will be 4% 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 lower-performing underlying component, up to a maximum payout of par.
The notes are callable at par on any interest payment date beginning on July 29, 2011.
Credit Suisse Securities (USA) LLC is the underwriter.
| Issuer: | Credit Suisse AG, Nassau Branch
|
| Issue: | High/low coupon callable yield notes
|
| Underlying ETFs: SPDR S&P Metals and Mining, Market Vectors Gold Miners
|
| Amount: | $745,000
|
| Maturity: | April 30, 2012
|
| Coupon: | 13.5% per year unless either underlying component closes at or below its knock-in level, in which case coupon will be 4% 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 the notes, par plus return of lower-performing underlying, up to maximum payout of par; otherwise, par
|
| Call option: | At par on any interest payment date beginning on July 29, 2011
|
| Initial levels: | $73.72 for SPDR S&P Metals and Mining and $55.29 for Market Vectors Gold Miners
|
| Knock-in levels: | $61.24 for SPDR S&P Metals and Mining and $45.93 for Market Vectors Gold Miners; 75% of initial levels
|
| Pricing date: | April 25
|
| Settlement date: | April 30
|
| Underwriter: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.25%
|
| Cusip: | 22546E3V4
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
