Published on 9/4/2013 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $314,000 high/low coupon callable yield notes on two funds
By Susanna Moon
Chicago, Sept. 4 - Credit Suisse AG, London Branch priced $314,000 of high/low coupon callable yield notes due March 4, 2015 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 50% knock-in level during the life of the notes.
The coupon will be 10% 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. Interest is payable quarterly.
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, up to a maximum payout of par.
The notes are callable at par on any interest payment date.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | High/low coupon callable yield notes
|
| Underlying components: | United States Oil Fund, LP and the Market Vectors Gold Miners ETF
|
| Amount: | $314,000
|
| Maturity: | March 4, 2015
|
| Coupon: | 10%, payable quarterly, unless either fund closes below initial level, in which case 1% per year for that and each subsequent interest period
|
| 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 levels: | $38.48 for oil fund, $28.13 for gold fund
|
| Knock-in levels: | $19.24 for oil fund, $14.065 for gold fund; 50% of initial levels
|
| Pricing date: | Aug. 30
|
| Settlement date: | Sept. 4
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | None
|
| Cusip: | 22547Q6M3
|
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