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Credit Suisse plans high/low coupon callable yield notes linked to S&P 500, Russell 2000
By Angela McDaniels
Tacoma, Wash., April 29 -Credit Suisse AG, Nassau Branch plans to price high/low coupon callable yield notes due June 4, 2012 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
A knock-in event will occur if either index closes at or below 77.5% of its initial level.
Interest will be payable quarterly. The coupon is expected to be 9.25% to 11.25% per year unless a knock-in event occurs, in which case the coupon is expected to be 3% per year for that and each subsequent quarter. The exact coupons will be set at pricing.
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 lower-performing index, up to a maximum payout of par.
Beginning Dec. 5, 2011, the notes will be callable at par on any interest payment date.
The notes (Cusip: 22546E6F6) are expected to price May 31 and settle June 3.
Credit Suisse Securities (USA) LLC is the underwriter.
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