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Credit Suisse plans contingent coupon callable notes on index, fund
By Toni Weeks
San Luis Obispo, Calif., Oct. 25 - Credit Suisse AG plans to price contingent coupon callable yield notes due Nov. 30, 2015 linked to the Russell 2000 index and the iShares MSCI EAFE exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon of 6% to 6.5% per year if each underlying component closes at or above its barrier level on the observation date for that period. Otherwise, no coupon will be paid that period. The barrier level will be about 75% of the index's initial level.
The notes will be callable at par plus the contingent coupon, if any, on any interest payment beginning May 29, 2014.
The payout at maturity will be par unless either component finishes at or below its knock-in level, in which case investors will be fully exposed to the decline of the worst-performing component from its initial level. The knock-in level is expected to be 75% of the initial level.
The exact terms will be set at pricing.
The notes (Cusip: 22547QCT1) are expected to price Nov. 25 and settle Nov. 29.
Credit Suisse Securities (USA) LLC is the agent.
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