Published on 6/23/2014 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.58 million contingent coupon callable yield notes on two indexes
By Susanna Moon
Chicago, June 23 – Credit Suisse AG, London Branch priced $1.58 million of contingent coupon callable yield notes due June 24, 2022 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6.1% if each index closes at or above its barrier level, 65% of the initial level, on an observation date for that quarter.
The notes will be callable at par plus any contingent coupon on any quarterly interest payment date after one year.
The payout at maturity will be par unless either index finishes at or below its 50% knock-in level, in which case investors will be fully exposed to the decline of the worst performing index.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $1,579,000
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| Maturity: | June 24, 2022
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| Coupon: | 6.1% annualized per quarter that each index closes at or above its barrier level on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If either underlying component falls to or below barrier level, par plus return of worst performing underlying index; otherwise, par
|
| Call option: | At par plus coupon, if any, on any interest payment date beginning June 24, 2015
|
| Initial levels: | 1,959.48 for S&P, 1,184.03 for Russell
|
| Coupon barrier levels: | 1,273.662 for S&P, 769.6195 for Russell; 65% of initial levels
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| Trigger levels: | 979.74 for S&P, 592.015 for Russell; 50% of initial levels
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| Pricing date: | June 19
|
| Settlement date: | June 24
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.75%
|
| Cusip: | 22547QPC4
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