Obbligazione Swiss Credit 0% ( US22547QQU30 ) in USD

Swiss Credit

100 USD ▲

Svizzera

US22547QQU30 ( in USD )

29/07/2024 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Credit Suisse US22547QQU30 in USD 0%, scaduta

1 000 USD

1 000 000 USD

22547QQU3

N/A

Credit Suisse è stata una grande banca svizzera, fallita nel marzo 2023 e acquisita da UBS.

The Obbligazione issued by Swiss Credit ( Switzerland ) , in USD, with the ISIN code US22547QQU30, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 29/07/2024

The Obbligazione issued by Swiss Credit ( Switzerland ) , in USD, with the ISIN code US22547QQU30, was rated NR by Moody's credit rating agency.

Page 1 of 34
424B2 1 dp48171_424b2-u1046.htm FORM 424B2
Pricing Supplement No. U1046
Filed Pursuant to Rule 424(b)(2)
To the Underlying Supplement dated July 29, 2013,
Registration Statement No. 333-180300-03
Product Supplement No. U-I dated March 23, 2012,
July 23, 2014
Prospectus Supplement dated March 23, 2012 and
Prospectus dated March 23, 2012
Financial
$1,000,000
Products
Step-Up Contingent Coupon Callable Yield Notes due July 29, 2024
Linked to the Performance of the S&P 500® Index and the EURO STOXX
50® Index
General
·
The securities are designed for investors who are mildly bearish, neutral or mildly bullish on the Underlyings.
Investors should be willing to lose some or all of their investment if a Knock-In Event occurs. Any payment on the
securities is subject to our ability to pay our obligations as they become due.
·
Subject to Early Redemption, if a Coupon Barrier Event does not occur, contingent coupons will be paid quarterly
in arrears at an Applicable Contingent Coupon Rate of 6.325% per annum from and including the Settlement
Date to and excluding July 30, 2018, 7.825% per annum from and including July 30, 2018 to and excluding July
28, 2021 and 9.825% per annum from and including July 28, 2021 to and excluding the Maturity Date. If a
Coupon Barrier Event occurs on any Observation Date, no contingent coupon will be paid for the corresponding
contingent coupon period. Contingent coupons will be calculated on a 30/360 basis from and including the
Settlement Date to and excluding the earlier of the Early Redemption Date and the Maturity Date, as applicable.
·
The Issuer may redeem the securities, in whole but not in part, on any Contingent Coupon Payment Date
scheduled to occur on or after July 28, 2015. No contingent coupons will accrue or be payable following an Early
Redemption.
·
Senior unsecured obligations of Credit Suisse AG, acting through its London Branch, maturing July 29, 2024.
·
Minimum purchase of $1,000. Minimum denominations of $1,000 and integral multiples of $1,000 in excess
thereof.
·
The securities priced on July 23, 2014 (the "Trade Date") and are expected to settle on July 28, 2014 (the
"Settlement Date"). Delivery of the securities in book-entry form only will be made through The Depository Trust
Company.
Key Terms
Issuer:
Credit Suisse AG ("Credit Suisse"), acting through its London Branch
Underlyings:
Each Underlying is identified in the table below, together with its Bloomberg ticker symbol,
Initial Level, Coupon Barrier Level and Knock-In Level:
Coupon Barrier
Knock-
Underlying
Ticker
Initial Level
Level
In Level
SPX
S&P 500® Index ("SPX")
<Index>
1987.01
1192.206
993.505
EURO STOXX 50® Index
SX5E
("SX5E")
<Index>
3193.13
1915.878
1596.565
Applicable Contingent Subject to Early Redemption, if a Coupon Barrier Event does not occur, the Applicable
Coupon Rate:
Contingent Coupon Rate for the corresponding contingent coupon period will be:
· 6.325% per annum from and including the Settlement Date to and excluding July 30, 2018
· 7.825% per annum from and including July 30, 2018 to and excluding July 28, 2021
· 9.825% per annum from and including July 28, 2021 to and excluding the Maturity Date
If a Coupon Barrier Event occurs, no contingent coupon will be paid for the corresponding
contingent coupon period. Contingent coupons will be calculated on a 30/360 basis from and
including the Settlement Date to and excluding the earlier of the Early Redemption Date and
the Maturity Date, as applicable.
Coupon Barrier Event:
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A Coupon Barrier Event will occur if on an Observation Date the closing level of any
Underlying is less than its Coupon Barrier Level.
Coupon Barrier Level: For each Underlying, as set forth in the table above.
Contingent Coupon
Subject to Early Redemption, unless a Coupon Barrier Event occurs, contingent coupons will
Payment Dates:
be paid quarterly in arrears on October 28, 2014, January 28, 2015, April 28, 2015, July 28,
2015, October 28, 2015, January 28, 2016, April 28, 2016, July 28, 2016, October 28, 2016,
January 30, 2017, April 28, 2017, July 28, 2017, October 30, 2017, January 29, 2018, April
30, 2018, July 30, 2018, October 29, 2018, January 28, 2019, April 29, 2019, July 29, 2019,
October 28, 2019, January 28, 2020, April 28, 2020, July 28, 2020, October 28, 2020,
January 28, 2021, April 28, 2021, July 28, 2021, October 28, 2021, January 28, 2022, April
28, 2022, July 28, 2022, October 28, 2022, January 30, 2023, April 28, 2023, July 28, 2023,
October 30, 2023, January 29, 2024, April 29, 2024 and the Maturity Date, subject to the
modified following business day convention. No contingent coupons will accrue or be payable
following an Early Redemption. Contingent coupons will be payable to the holders of record
at the close of business on the business day immediately preceding the applicable
Contingent Coupon Payment Date, provided that the contingent coupon payable on the Early
Redemption Date or Maturity Date, as applicable, will be payable to the person to whom the
Early Redemption Amount or the Redemption Amount, as applicable, is payable.
Redemption Amount:
At maturity, the Redemption Amount you will be entitled to receive will depend on the
individual performance of each Underlying and whether a Knock-In Event occurs. Subject to
Early Redemption, the Redemption Amount will be determined as follows:
· If a Knock-In Event occurs, the Redemption Amount will equal the principal amount of the
securities you hold multiplied by the sum of one plus the Underlying Return of the Lowest
Performing Underlying. In this case, the Redemption Amount will be less than $500
per $1,000 principal amount of securities. You could lose your entire investment.
· If a Knock-In Event does not occur, the Redemption Amount will equal the principal
amount of the securities you hold.
Any payment on the securities is subject to our ability to pay our obligations as they become
due.
Investing in the securities involves a number of risks. See "Selected Risk Considerations" in this pricing
supplement and "Risk Factors" beginning on page PS-3 of the accompanying product supplement.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved
of the securities or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying
underlying supplement, the product supplement, the prospectus supplement and the prospectus. Any representation
to the contrary is a criminal offense.
Underwriting Discounts and
Price to Public(1)
Commissions(2)
Proceeds to Issuer
Per security
$1,000.00
$20.00
$980.00
Total
$1,000,000.00
$20,000.00
$980,000.00
(1) Certain fiduciary accounts may pay a purchase price of at least $980.00 per $1,000 principal amount of securities,
and CSSU will forgo any fees with respect to such sales.
(2) We or one of our affiliates will pay discounts and commissions of $20.00 per $1,000 principal amount of securities.
For more detailed information, please see "Supplemental Plan of Distribution (Conflicts of Interest)" on the last page
of this pricing supplement.
The agent for this offering, Credit Suisse Securities (USA) LLC ("CSSU"), is our affiliate. For more information, see
"Supplemental Plan of Distribution (Conflicts of Interest)" on the last page of this pricing supplement.
Credit Suisse currently estimates the value of each $1,000 principal amount of the securities on the Trade
Date is $957.50 (as determined by reference to our pricing models and the rate we are currently paying to
borrow funds through issuance of the securities (our "internal funding rate")). See "Selected Risk
Considerations" in this pricing supplement.
The securities are not deposit liabilities and are not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other governmental agency of the United States, Switzerland or any other jurisdiction.
CALCULATION OF REGISTRATION FEE
Title of Each Class of Securities Offered
Maximum Aggregate Offering
Amount of Registration
Price
Fee
Notes
$1,000,000.00
$128.80
Credit Suisse
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July 23, 2014
(continued on next page)
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(continued from previous page)
Early Redemption:
Prior to the Maturity Date, the Issuer may redeem the securities in whole, but not in part, on
any Contingent Coupon Payment Date scheduled to occur on or after July 28, 2015 upon
notice to the trustee on or before the immediately preceding Early Redemption Notice Date at
100% of the principal amount of the securities (the "Early Redemption Amount"), together
with the contingent coupon, if any, payable on that Contingent Coupon Payment Date (the
"Early Redemption Date").
Early Redemption
Notice of Early Redemption will be provided prior to the relevant Contingent Coupon
Notice Dates:
Payment Date on or before July 23, 2015, October 23, 2015, January 25, 2016, April 25,
2016, July 25, 2016, October 25, 2016, January 25, 2017, April 25, 2017, July 25, 2017,
October 25, 2017, January 24, 2018, April 25, 2018, July 25, 2018, October 24, 2018,
January 23, 2019, April 24, 2019, July 24, 2019, October 23, 2019, January 23, 2020, April
23, 2020, July 23, 2020, October 23, 2020, January 25, 2021, April 23, 2021, July 23, 2021,
October 25, 2021, January 25, 2022, April 25, 2022, July 25, 2022, October 25, 2022,
January 25, 2023, April 25, 2023, July 25, 2023, October 25, 2023, January 24, 2024, April
24, 2024, as applicable.
Knock-In Event:
A Knock-In Event will occur if the Final Level of any Underlying is less than its Knock-In
Level.
Knock-In Level:
As set forth in the table above.
Lowest Performing
Underlying:
The Underlying with the lowest Underlying Return.
Underlying Return:
For each Underlying, the Underlying Return will be calculated as follows:
Final Level - Initial Level
, subject to a maximum of zero
Initial Level
Initial Level:
As set forth in the table above.
Final Level:
For each Underlying, the closing level of such Underlying on the Valuation Date.
Observation Dates:
October 23, 2014, January 23, 2015, April 23, 2015, July 23, 2015, October 23, 2015,
January 25, 2016, April 25, 2016, July 25, 2016, October 25, 2016, January 25, 2017, April
25, 2017, July 25, 2017, October 25, 2017, January 24, 2018, April 25, 2018, July 25, 2018,
October 24, 2018, January 23, 2019, April 24, 2019, July 24, 2019, October 23, 2019,
January 23, 2020, April 23, 2020, July 23, 2020, October 23, 2020, January 25, 2021, April
23, 2021, July 23, 2021, October 25, 2021, January 25, 2022, April 25, 2022, July 25, 2022,
October 25, 2022, January 25, 2023, April 25, 2023, July 25, 2023, October 25, 2023,
January 24, 2024, April 24, 2024 and the Valuation Date.
Valuation Date:
July 24, 2024
Maturity Date:
July 29, 2024
Listing:
The securities will not be listed on any securities exchange.
CUSIP:
22547QQU3
The determination of the closing level for each Underlying on each Observation Date (other than the Valuation
Date) is subject to postponement if such date is not a trading day for such Underlying or as a result of a market
disruption event in respect of such Underlying, as described herein under "Market Disruption Events." The Valuation
Date is subject to postponement in respect of each Underlying if such date is not an underlying business day for such
Underlying or as a result of a market disruption event in respect of such Underlying, as described in the
accompanying product supplement under "Description of the Securities--Market disruption events." The Contingent
Coupon Payment Dates (including the Maturity Date) are subject to postponement, each as described herein, if such
date is not a business day or if (a) the determination of the closing level for any Underlying on the corresponding
Observation Date (other than the Valuation Date) is postponed or (b) the Valuation Date is postponed, in each case
because such date is not a trading day or an underlying business day for any Underlying, as applicable, or as a result
of a market disruption event in respect of any Underlying.
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Additional Terms Specific to the Securities
You should read this pricing supplement together with the underlying supplement dated July 29, 2013, the product
supplement dated March 23, 2012, the prospectus supplement dated March 23, 2012 and the prospectus dated
March 23, 2012, relating to our Medium-Term Notes of which these securities are a part. You may access these
documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings
for the relevant date on the SEC website):
·
Underlying supplement dated July 29, 2013:
http://www.sec.gov/Archives/edgar/data/1053092/000095010313004526/dp39753_424b2.htm
·
Product supplement No. U-I dated March 23, 2012:
http://www.sec.gov/Archives/edgar/data/1053092/000095010312001501/dp29492_424b2-ui.htm
·
Prospectus supplement and Prospectus dated March 23, 2012:
http://www.sec.gov/Archives/edgar/data/1053092/000104746912003186/a2208088z424b2.htm
Our Central Index Key, or CIK, on the SEC website is 1053092. As used in this pricing supplement, the "Company,"
"we," "us," or "our" refers to Credit Suisse.
This pricing supplement, together with the documents listed above, contains the terms of the securities and
supersedes all other prior or contemporaneous oral statements as well as any other written materials including
preliminary or indicative pricing terms, fact sheets, correspondence, trade ideas, structures for implementation,
sample structures, brochures or other educational materials of ours. We may, without the consent of the registered
holder of the securities and the owner of any beneficial interest in the securities, amend the securities to conform to
its terms as set forth in this pricing supplement and the documents listed above, and the trustee is authorized to enter
into any such amendment without any such consent. You should carefully consider, among other things, the matters
set forth in "Risk Factors" in the product supplement and "Selected Risk Considerations" in this pricing supplement,
as the securities involve risks not associated with conventional debt securities. You should consult your investment,
legal, tax, accounting and other advisors before deciding to invest in the securities.
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Hypothetical Redemption Amounts and Total Payments on the Securities
The tables and examples below illustrate, for a $1,000 investment in the securities, hypothetical Redemption
Amounts payable at maturity for a hypothetical range of Underlying Returns of the Lowest Performing Underlying
and, in the case of Tables 2, 3 and 4, total contingent coupon payments over the term of the securities, which will
depend on the timing and number of Coupon Barrier Events that have occurred over the term of the securities. The
tables and examples below reflect that (a) if a Coupon Barrier Event does not occur on an Observation Date during
the period from and including the Settlement Date to and excluding July 30, 2018, a contingent coupon will be paid
for the corresponding contingent coupon period at a rate of 6.325% per annum, (b) if a Coupon Barrier Event does
not occur on an Observation Date during the period from and including July 30, 2018 to and excluding July 28, 2021,
a contingent coupon will be paid for the corresponding contingent coupon period at a rate of 7.825% per annum and
(c) if a Coupon Barrier Event does not occur on an Observation Date during the period from and including July 28,
2021 to and excluding the Maturity Date, a contingent coupon will be paid for the corresponding contingent coupon
period at a rate of 9.825% per annum, and assume that (i) the securities are not redeemed prior to maturity, (ii) the
term of the securities is exactly 10 years, (iii) the Coupon Barrier Level for each Underlying is 60% of the Initial Level
of such Underlying and (iv) the Knock-In Level for each Underlying is 50% of the Initial Level of such Underlying. The
examples are intended to illustrate hypothetical calculations of only the Redemption Amount and do not illustrate the
calculation or payment of any individual contingent coupon payment.
The hypothetical Redemption Amounts and total coupon payments set forth below are for illustrative purposes only.
The actual Redemption Amounts and total coupon payments applicable to a purchaser of the securities will depend
on the timing and number of Coupon Barrier Events that have occurred over the term of the securities, whether a
Knock-In Event occurs and on the Final Level of the Lowest Performing Underlying. It is not possible to predict how
many Coupon Barrier Events will occur, if any, or whether a Knock-In Event will occur, and, in the event that there is
a Knock-In Event, by how much the Final Level of the Lowest Performing Underlying will decrease in comparison to
its Initial Level. You should consider carefully whether the securities are suitable to your investment goals. Any
payment on the securities is subject to our ability to pay our obligations as they become due. The numbers appearing
in the tables and examples below have been rounded for ease of analysis.
TABLE 1: Hypothetical Redemption Amounts
Percentage Change
from the Initial Level
Redemption Amount
to the Final Level of
Underlying Return of
(excluding contingent
the Lowest Performing the Lowest Performing
coupon payments, if
Total Contingent
Underlying
Underlying
any)
Coupon Payments
100.00%
0.00%
$1,000.00
(See table below)
90.00%
0.00%
$1,000.00
80.00%
0.00%
$1,000.00
70.00%
0.00%
$1,000.00
60.00%
0.00%
$1,000.00
50.00%
0.00%
$1,000.00
40.00%
0.00%
$1,000.00
30.00%
0.00%
$1,000.00
20.00%
0.00%
$1,000.00
10.00%
0.00%
$1,000.00
0.00%
0.00%
$1,000.00
-10.00%
-10.00%
$1,000.00
-20.00%
-20.00%
$1,000.00
-30.00%
-30.00%
$1,000.00
-40.00%
-40.00%
$1,000.00
-50.00%
-50.00%
$1,000.00
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-50.01%
-50.01%
$499.90
-60.00%
-60.00%
$400.00
-70.00%
-70.00%
$300.00
-80.00%
-80.00%
$200.00
-90.00%
-90.00%
$100.00
-100.00%
-100.00%
$0.00
2
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TABLE 2: Hypothetical contingent coupon payments during the period from and including the Settlement Date to and
excluding July 30, 2018.
Contingent Coupon Payments during the
Number of Coupon Barrier Events during the period from and
period from and including the Settlement
including the Settlement Date to and excluding July 30, 2018
Date to and excluding July 30, 2018
A Coupon Barrier Event does not occur
$253.00
A Coupon Barrier Event occurs on 1 Observation Date
$237.19
A Coupon Barrier Event occurs on 2 Observation Dates
$221.38
A Coupon Barrier Event occurs on 3 Observation Dates
$205.56
A Coupon Barrier Event occurs on 4 Observation Dates
$189.75
A Coupon Barrier Event occurs on 5 Observation Dates
$173.94
A Coupon Barrier Event occurs on 6 Observation Dates
$158.13
A Coupon Barrier Event occurs on 7 Observation Dates
$142.31
A Coupon Barrier Event occurs on 8 Observation Dates
$126.50
A Coupon Barrier Event occurs on 9 Observation Dates
$110.69
A Coupon Barrier Event occurs on 10 Observation Dates
$94.88
A Coupon Barrier Event occurs on 11 Observation Dates
$79.06
A Coupon Barrier Event occurs on 12 Observation Dates
$63.25
A Coupon Barrier Event occurs on 13 Observation Dates
$47.44
A Coupon Barrier Event occurs on 14 Observation Dates
$31.63
A Coupon Barrier Event occurs on 15 Observation Dates
$15.81
A Coupon Barrier Event occurs on 16 Observation Dates
$0.00
TABLE 3: Hypothetical contingent coupon payments during the period from and including the July 30, 2018 to and
excluding July 28, 2021.
Contingent Coupon Payments during the
Number of Coupon Barrier Events during the period from and period from and including July 30, 2018 to
including July 30, 2018 to and excluding July 28, 2021
and excluding July 28, 2021
A Coupon Barrier Event does not occur
$234.75
A Coupon Barrier Event occurs on 1 Observation Date
$215.19
A Coupon Barrier Event occurs on 2 Observation Dates
$195.63
A Coupon Barrier Event occurs on 3 Observation Dates
$176.06
A Coupon Barrier Event occurs on 4 Observation Dates
$156.50
A Coupon Barrier Event occurs on 5 Observation Dates
$136.94
A Coupon Barrier Event occurs on 6 Observation Dates
$117.38
A Coupon Barrier Event occurs on 7 Observation Dates
$97.81
A Coupon Barrier Event occurs on 8 Observation Dates
$78.25
A Coupon Barrier Event occurs on 9 Observation Dates
$58.69
A Coupon Barrier Event occurs on 10 Observation Dates
$39.13
A Coupon Barrier Event occurs on 11 Observation Dates
$19.56
A Coupon Barrier Event occurs on 12 Observation Dates
$0.00
3
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TABLE 4: Hypothetical contingent coupon payments during the period from and including the July 28, 2021 to and
excluding the Maturity Date.
Contingent Coupon Payments during the
Number of Coupon Barrier Events during the period from and period from and including July 28, 2021 to
including July 28, 2021 to and excluding the Maturity Date
and excluding the Maturity Date
A Coupon Barrier Event does not occur
$294.75
A Coupon Barrier Event occurs on 1 Observation Date
$270.19
A Coupon Barrier Event occurs on 2 Observation Dates
$245.63
A Coupon Barrier Event occurs on 3 Observation Dates
$221.06
A Coupon Barrier Event occurs on 4 Observation Dates
$196.50
A Coupon Barrier Event occurs on 5 Observation Dates
$171.94
A Coupon Barrier Event occurs on 6 Observation Dates
$147.38
A Coupon Barrier Event occurs on 7 Observation Dates
$122.81
A Coupon Barrier Event occurs on 8 Observation Dates
$98.25
A Coupon Barrier Event occurs on 9 Observation Dates
$73.69
A Coupon Barrier Event occurs on 10 Observation Dates
$49.13
A Coupon Barrier Event occurs on 11 Observation Dates
$24.56
A Coupon Barrier Event occurs on 12 Observation Dates
$0.00
The expected total contingent coupon payments over the term of the securities will depend on when and how many
Coupon Barrier Events occur. The total payment on the securities will be equal to the Redemption Amount applicable
to an investor plus the total contingent coupon payments on the securities.
The following examples illustrate how the Redemption Amount is calculated.
Example 1: A Knock-In Event occurs because the Final Level of an Underlying is less than its Knock-In Level.
Underlying
Final Level
SPX
110% of Initial Level
SX5E
40% of Initial Level
Since the Final Level of RTY is less than its Knock-In Level, a Knock-In Event occurs. RTY is also the Lowest
Performing Underlying.
Therefore, the Underlying Return of the Lowest Performing Underlying will equal:
Final Level of RTY Initial Level of RTY
Initial Level of RTY
= -0.60
The Redemption Amount = principal amount of the securities × (1 + Underlying Return of the Lowest Performing
Underlying)
= $1,000 × (1 0.60) = $400
Example 2: A Knock-In Event does not occur because the Final Level of each Underlying is greater than its
Knock-In Level.
Underlying
Final Level
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SPX
80% of Initial Level
SX5E
90% of Initial Level
Since the Final Level of each Underlying is not less than its Knock-In Level, a Knock-In Event does not occur.
Therefore, the Redemption Amount equals $1,000.
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