Published on 7/19/2011 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.48 million 10.75% callable yield notes tied to metals, gold funds
By Jennifer Chiou
New York, July 19 - Credit Suisse AG, Nassau Branch priced $1.48 million of 10.75% annualized callable yield notes due Jan. 20, 2012 linked to the SPDR S&P Metals & Mining exchange-traded fund and the Market Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable on Sept. 20, Nov. 21 and the maturity date.
The notes are callable at par on any interest payment date.
The payout at maturity will be par unless either component falls to or below its knock-in level - 75% of its initial level - during the life of the notes, in which case investors will receive par plus the return of the worst-performing component, up to a maximum payout of par.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, Nassau Branch
|
| Issue: | Callable yield notes
|
| Underlying funds: | SPDR S&P Metals & Mining exchange-traded fund, Market Vectors Gold Miners exchange-traded fund
|
| Amount: | $1,475,000
|
| Maturity: | Jan. 20, 2012
|
| Coupon: | 10.75%, payable Aug. 22, Oct. 20 and at maturity
|
| Price: | Par
|
| Payout at maturity: | If either fund falls to or below its knock-in level during the life of the notes, par plus the return of the worst-performing fund, capped at par; otherwise, par
|
| Call option: | At par on any interest payment date
|
| Initial levels: | $69.14 for metals and mining fund, $59.72 for gold miners fund
|
| Knock-in levels: | $51.855 for metals and mining fund, $44.79 for gold miners fund; 75% of initial levels
|
| Pricing date: | July 15
|
| Settlement date: | July 20
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.5%
|
| Cusip: | 22546TAV3
|
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