By Marisa Wong
Madison, Wis., June 3 – Credit Suisse AG, London Branch priced $17.23 million of 8.5% STEP Income Securities due June 10, 2016 linked to the American Depositary Shares of Sony Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the price of Sony shares finishes at or above the step level – 108.5% of the initial price – the payout at maturity will be par of $10 plus a step payment of 5.26%.
If the stock return is zero or positive but the share price finishes below the step level, the payout will be par.
Investors will be fully exposed to any losses.
BofA Merrill Lynch is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | STEP Income Securities
|
| Underlying ADSs: | Sony Corp. (NYSE: SNE)
|
| Amount: | $17,227,100
|
| Maturity: | June 10, 2016
|
| Coupon: | 8.5%, payable quarterly
|
| Price: | Par of $10.00
|
| Payout at maturity: | If final share price is at or above the step level, par plus a step payment of 5.26%; if the stock return is zero or positive but the share price finishes below the step level, par; investors will be fully exposed to any losses
|
| Initial share price: | $31.17
|
| Step level: | $33.82, 108.5% of initial share price
|
| Pricing date: | May 28
|
| Settlement date: | June 4
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 22548D682
|
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