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Credit Suisse to price 8.5% STEP Income Securities tied to Sony
By Marisa Wong
Madison, Wis., May 15 – Credit Suisse AG plans to price 8.5% STEP Income Securities due June 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 1% to 5% that will be set at pricing.
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.
The notes are expected to price in May and settle in June.
BofA Merrill Lynch is the agent.
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