Obbligazione Swiss Credit 7% ( US22548QS554 ) in USD

Emittente Swiss Credit
Prezzo di mercato refresh price now   100 USD  ▲ 
Paese  Svizzera
Codice isin  US22548QS554 ( in USD )
Tasso d'interesse 7% per anno ( pagato 2 volte l'anno)
Scadenza 29/01/2027



Prospetto opuscolo dell'obbligazione Credit Suisse US22548QS554 en USD 7%, scadenza 29/01/2027


Importo minimo 1 000 USD
Importo totale /
Cusip 22548QS55
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Coupon successivo 29/01/2026 ( In 46 giorni )
Descrizione dettagliata 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 US22548QS554, pays a coupon of 7% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 29/01/2027







424B2 1 dp72364_424b2-u1886.htm FORM 424B2
Pric ing Supple m e nt N o. U 1 8 8 6
Filed Pursuant to Rule 424(b)(2)
To the Underlying Supplement dated December 2, 2016,
Registration Statement Nos. 333-202913 and 333-180300-03
Product Supplement No. I dated May 4, 2015,
January 26, 2017
Prospectus Supplement dated May 4, 2015 and
Prospectus dated May 4, 2015
Fina nc ia l
Produc t s
$ 3 ,5 8 3 ,0 0 0
St e p-U p Cont inge nt Coupon Ca lla ble Y ie ld N ot e s due J a nua ry 2 9 , 2 0 2 7
Link e d t o t he Pe rform a nc e of t he S& P 5 0 0 ® I nde x
·
The securities do not guarantee any return of principal at maturity and do not provide for the regular payment of interest.
·
Subject to Early Redemption, if a Coupon Barrier Event does not occur on an Observation Date, we will pay a contingent
coupon on the immediately following Contingent Coupon Payment Date at the Applicable Contingent Coupon Rate of 7.00% per
annum during the 1st Step-Up Period (as defined below) and 10.00% per annum during the 2nd Step-Up Period (as defined
below). If a Coupon Barrier Event occurs, no contingent coupon will be paid on the immediately following Contingent Coupon
Payment Date. 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.
·
We may redeem the securities, in whole but not in part, on any Early Redemption Date. No further payments will be made in
respect to the securities.
·
Investors should (i) be willing to forgo dividends and the potential to participate in any appreciation of the Underlying and (ii) be
willing to lose some or all of their investment if a Knock-In Event occurs.
·
Senior unsecured obligations of Credit Suisse, maturing January 29, 2027. Any payment on the securities is subject to our
ability to pay our obligations as they become due.
·
Minimum purchase of $1,000. Minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.
·
The securities priced on January 26, 2017 (the "Trade Date") and are expected to settle on January 31, 2017 (the "Settlement
Date"). Delivery of the securities in book-entry form only will be made through The Depository Trust Company.
·
The securities will not be listed on any exchange.

I nve st ing in t he se c urit ie s involve s a num be r of risk s. Se e "Se le c t e d Risk Conside ra t ions" in t his pric ing
supple m e nt a nd "Risk Fa c t ors" be ginning on pa ge PS-3 of t he a c c om pa nying produc t supple m e nt .

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.


U nde rw rit ing Disc ount s a nd
Pric e t o Public (1)
Com m issions(2)
Proc e e ds t o I ssue r
Pe r se c urit y
$ 1 ,0 0 0 .0 0
$ 4 0 .8 0
$ 9 5 9 .2 0
T ot a l
$ 3 ,5 8 3 ,0 0 0 .0 0
$ 1 4 6 ,1 8 6 .4 0
$ 3 ,4 3 6 ,8 1 3 .6 0
(1) Certain fiduciary accounts may pay a purchase price of at least $959.20 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 may pay discounts and commissions of $40.80 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.
Cre dit Suisse c urre nt ly e st im a t e s t he va lue of e a c h $ 1 ,0 0 0 princ ipa l a m ount of t he se c urit ie s on t he T ra de
Da t e is $ 9 3 1 .0 0 (a s de t e rm ine d by re fe re nc e t o our pric ing m ode ls a nd t he ra t e w e a re c urre nt ly pa ying t o
borrow funds t hrough issua nc e of t he se c urit ie s (our "int e rna l funding ra t e ")). Se e "Se le c t e d Risk
Conside ra t ions" in t his pric ing supple m e nt .
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.
Cre dit Suisse
January 26, 2017

https://www.sec.gov/Archives/edgar/data/1053092/000095010317000756/dp72364_424b2-u1886.htm[1/31/2017 9:39:30 AM]




K e y T e rm s

Issuer:
Credit Suisse AG ("Credit Suisse"), acting through its London branch
Underlying:
The securities are linked to the performance of the S&P 500® Index. For additional information on the
Underlying, see "The Reference Indices--The S&P Dow Jones Indices--The S&P 500® Index" in the
accompanying underlying supplement. The Underlying is identified in the table below, together with its
Bloomberg ticker symbol, Initial Level, Knock-In Level and Coupon Barrier Level:

K noc k -I n
Coupon
U nde rlying
T ic k e r
I nit ia l Le ve l
Le ve l
Ba rrie r Le ve l

S& P 5 0 0 ® I nde x
SPX <I nde x >
2 2 9 6 .6 8
1 1 4 8 .3 4
1 6 0 7 .6 7 6
Applicable
Contingent
Coupon Rate:
Subject to Early Redemption, the Applicable Contingent Coupon Rate is:

7.00% per annum from and including the Settlement Date to but excluding January 31, 2022 (such period, the
· "1st Step-Up Period")

10.00% per annum from and including January 31, 2022 to but excluding the Maturity Date (such period, the
· "2nd Step-Up Period")

If a Coupon Barrier Event occurs, no contingent coupon will be paid on the immediately following Contingent
Coupon Payment Date. 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
A Coupon Barrier Event will occur if on an Observation Date the closing level of the Underlying is less than the
Event:
Coupon Barrier Level.
Coupon Barrier
Level:
70% of the Initial Level, as set forth in the table above.
Contingent
Subject to Early Redemption, unless a Coupon Barrier Event occurs, contingent coupons will be paid in arrears
Coupon Payment on the dates set forth in Annex A herein, subject to postponement as set forth in the accompanying product
Dates:
supplement under "Description of the Securities--Postponement of calculation dates." If any Contingent Coupon
Payment Date is not a business day, the contingent coupon will be payable on the first following business day,
unless that business day falls in the next calendar month, in which case payment will be made on the first
preceding business day. The amount of any contingent coupon will not be adjusted in respect of any
postponement of a Contingent Coupon Payment Date and no interest or other payment will be payable hereon
because of any such postponement of a Contingent Coupon Payment Date. No contingent coupons will be
payable following an Early Redemption. Contingent coupons, if any, 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
Subject to Early Redemption, at maturity, the Redemption Amount you will be entitled to receive will depend on
Amount:
the performance of the Underlying and whether a Knock-In Event occurs. For each $1,000 principal amount of
securities, the Redemption Amount will be determined as follows:

· If a Knock-In Event does not occur, the Redemption Amount will equal $1,000.

· If a Knock-In Event occurs, the Redemption Amount will equal $1,000 multiplied by the sum of one plus the
Underlying Return. I n t his c a se , t he Re de m pt ion Am ount w ill be le ss t ha n $ 5 0 0 pe r $ 1 ,0 0 0
princ ipa l a m ount of se c urit ie s. Y ou c ould lose your e nt ire inve st m e nt .

Any payment on the securities is subject to our ability to pay our obligations as they become due.
Early Redemption: The Issuer may redeem the securities in whole, but not in part, on any Early Redemption Date, upon notice to
the trustee on or before the immediately preceding Observation Date, at 100% of the principal amount of the
securities (the "Early Redemption Amount"), together with the contingent coupon, if any, payable on that Early
Redemption Date.
1

Early Redemption As set forth in Annex A herein, subject to postponement as set forth in the accompanying product supplement
Dates:
under "Description of the Securities--Postponement of calculation dates."
Knock-In Event:
A Knock-In Event will occur if the Final Level is less than the Knock-In Level.
https://www.sec.gov/Archives/edgar/data/1053092/000095010317000756/dp72364_424b2-u1886.htm[1/31/2017 9:39:30 AM]


Knock-In Level:
50% of the Initial Level, as set forth in the table above.
Underlying
Return:
The Underlying Return will equal the lesser of (i) zero and (ii) an amount calculated as follows:

Final Level - Initial Level

Initial Level
Initial Level:
The closing level of the Underlying on the Trade Date, as set forth in the table above.
Final Level:
The closing level of the Underlying on the Valuation Date.
Observation
As set forth in Annex A herein, subject to postponement as set forth in the accompanying product supplement
Dates:
under "Description of the Securities--Postponement of calculation dates."
Valuation Date:
January 26, 2027, subject to postponement as set forth in the accompanying product supplement under
"Description of the Securities--Postponement of calculation dates."
Maturity Date:
January 29, 2027, subject to postponement as set forth in the accompanying product supplement under
"Description of the Securities--Postponement of calculation dates."
CUSIP:
22548QS55
2

Addit iona l T e rm s Spe c ific t o t he Se c urit ie s

You should read this pricing supplement together with the underlying supplement dated December 2, 2016, the product supplement
dated May 4, 2015, the prospectus supplement dated May 4, 2015 and the prospectus dated May 4, 2015, 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 December 2, 2016:

http://www.sec.gov/Archives/edgar/data/1053092/000095010316018406/dp70262_424b2-underlying.htm

·
Product supplement No. I dated May 4, 2015:

http://www.sec.gov/Archives/edgar/data/1053092/000095010315003534/dp55815_424b2-psno1.htm

·
Prospectus supplement and Prospectus dated May 4, 2015:

http://www.sec.gov/Archives/edgar/data/1053092/000104746915004333/a2224570z424b2.htm

In the event the terms of the securities described in this pricing supplement differ from, or are inconsistent with, the terms
described in the underlying supplement, product supplement, prospectus supplement or prospectus, the terms described in this
pricing supplement will control.

Our Central Index Key, or CIK, on the SEC website is 1053092. As used in this pricing supplement, "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 "Selected Risk Considerations" in this pricing supplement and "Risk Factors" in the accompanying
product supplement, "Foreign Currency Risks" in the accompanying prospectus, and any risk factors we describe in the combined
Annual Report on Form 20-F of Credit Suisse Group AG and us incorporated by reference therein, and any additional risk factors
we describe in future filings we make with the SEC under the Securities Exchange Act of 1934, as amended, 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.

3

https://www.sec.gov/Archives/edgar/data/1053092/000095010317000756/dp72364_424b2-u1886.htm[1/31/2017 9:39:30 AM]


H ypot he t ic a l Re de m pt ion Am ount s a nd T ot a l Pa ym e nt s on t he Se c urit ie s

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 and, in the case of Tables 2 and 3, total contingent coupons 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 assume that (i) (a) during the 1st Step-Up Period, the Applicable Contingent Coupon
Rate is 7.00% per annum and (b) during the 2nd Step-Up Period, the Applicable Contingent Coupon Rate is 10.00% per annum, (ii)
the securities are not redeemed prior to maturity, (iii) the term of the securities is exactly 10 years and (iv) the Knock-In Level is
50% of the Initial Level. The actual Applicable Contingent Coupon Rates and Knock-In Level are set forth in "Key Terms" herein.
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.

The hypothetical Redemption Amounts and total contingent coupons set forth below are for illustrative purposes only. The actual
amounts payable to a purchaser of the securities, if any, 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. It is not possible to predict when
and 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 level has decreased from the Initial Level to the Final Level. You will not be entitled to participate
in any appreciation in the Underlying. 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.

T a ble 1 : Hypothetical Redemption Amounts

Pe rc e nt a ge Cha nge
from t he I nit ia l Le ve l
Re de m pt ion Am ount (e x c luding
T ot a l Cont inge nt
t o t he Fina l Le ve l
U nde rlying Re t urn
c ont inge nt c oupons, if a ny)
Coupons
100.00%
0.00%
$1,000.00
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 .0 0 %
0 .0 0 %
$ 1 ,0 0 0 .0 0
(See tables below)
-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
-5 1 .0 0 %
-5 1 .0 0 %
$ 4 9 0 .0 0
-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
4

T a ble 2 : Hypothetical contingent coupons during the 1st Step-Up Period.

Cont inge nt Coupons during t he 1 st St e p -U p
N um be r of Coupon Ba rrie r Eve nt s during t he 1 st St e p -U p Pe riod
Pe riod
A Coupon Barrier Event does not occur on any Observation Date
$350.00
A Coupon Barrier Event occurs on 1 Observation Date
$344.17
A Coupon Barrier Event occurs on 2 Observation Dates
$338.33
A Coupon Barrier Event occurs on 3 Observation Dates
$332.50
A Coupon Barrier Event occurs on 4 Observation Dates
$326.67
https://www.sec.gov/Archives/edgar/data/1053092/000095010317000756/dp72364_424b2-u1886.htm[1/31/2017 9:39:30 AM]


A Coupon Barrier Event occurs on 5 Observation Dates
$320.83
A Coupon Barrier Event occurs on 6 Observation Dates
$315.00
A Coupon Barrier Event occurs on 7 Observation Dates
$309.17
A Coupon Barrier Event occurs on 8 Observation Dates
$303.33
A Coupon Barrier Event occurs on 9 Observation Dates
$297.50
A Coupon Barrier Event occurs on 10 Observation Dates
$291.67
A Coupon Barrier Event occurs on 11 Observation Dates
$285.83
A Coupon Barrier Event occurs on 12 Observation Dates
$280.00
A Coupon Barrier Event occurs on 13 Observation Dates
$274.17
A Coupon Barrier Event occurs on 14 Observation Dates
$268.33
A Coupon Barrier Event occurs on 15 Observation Dates
$262.50
A Coupon Barrier Event occurs on 16 Observation Dates
$256.67
A Coupon Barrier Event occurs on 17 Observation Dates
$250.83
A Coupon Barrier Event occurs on 18 Observation Dates
$245.00
A Coupon Barrier Event occurs on 19 Observation Dates
$239.17
A Coupon Barrier Event occurs on 20 Observation Dates
$233.33
A Coupon Barrier Event occurs on 21 Observation Dates
$227.50
A Coupon Barrier Event occurs on 22 Observation Dates
$221.67
A Coupon Barrier Event occurs on 23 Observation Dates
$215.83
A Coupon Barrier Event occurs on 24 Observation Dates
$210.00
A Coupon Barrier Event occurs on 25 Observation Dates
$204.17
A Coupon Barrier Event occurs on 26 Observation Dates
$198.33
A Coupon Barrier Event occurs on 27 Observation Dates
$192.50
A Coupon Barrier Event occurs on 28 Observation Dates
$186.67
A Coupon Barrier Event occurs on 29 Observation Dates
$180.83
A Coupon Barrier Event occurs on 30 Observation Dates
$175.00
A Coupon Barrier Event occurs on 31 Observation Dates
$169.17
A Coupon Barrier Event occurs on 32 Observation Dates
$163.33
A Coupon Barrier Event occurs on 33 Observation Dates
$157.50
A Coupon Barrier Event occurs on 34 Observation Dates
$151.67
A Coupon Barrier Event occurs on 35 Observation Dates
$145.83
A Coupon Barrier Event occurs on 36 Observation Dates
$140.00
A Coupon Barrier Event occurs on 37 Observation Dates
$134.17
A Coupon Barrier Event occurs on 38 Observation Dates
$128.33
A Coupon Barrier Event occurs on 39 Observation Dates
$122.50
A Coupon Barrier Event occurs on 40 Observation Dates
$116.67
A Coupon Barrier Event occurs on 41 Observation Dates
$110.83
A Coupon Barrier Event occurs on 42 Observation Dates
$105.00
A Coupon Barrier Event occurs on 43 Observation Dates
$99.17
A Coupon Barrier Event occurs on 44 Observation Dates
$93.33
A Coupon Barrier Event occurs on 45 Observation Dates
$87.50
A Coupon Barrier Event occurs on 46 Observation Dates
$81.67
A Coupon Barrier Event occurs on 47 Observation Dates
$75.83
A Coupon Barrier Event occurs on 48 Observation Dates
$70.00
A Coupon Barrier Event occurs on 49 Observation Dates
$64.17
A Coupon Barrier Event occurs on 50 Observation Dates
$58.33
A Coupon Barrier Event occurs on 51 Observation Dates
$52.50
A Coupon Barrier Event occurs on 52 Observation Dates
$46.67
A Coupon Barrier Event occurs on 53 Observation Dates
$40.83
A Coupon Barrier Event occurs on 54 Observation Dates
$35.00
5

A Coupon Barrier Event occurs on 55 Observation Dates
$29.17
A Coupon Barrier Event occurs on 56 Observation Dates
$23.33
A Coupon Barrier Event occurs on 57 Observation Dates
$17.50
A Coupon Barrier Event occurs on 58 Observation Dates
$11.67
A Coupon Barrier Event occurs on 59 Observation Dates
$5.83
A Coupon Barrier Event occurs on 60 Observation Dates
$0.00

https://www.sec.gov/Archives/edgar/data/1053092/000095010317000756/dp72364_424b2-u1886.htm[1/31/2017 9:39:30 AM]


T a ble 3 : Hypothetical contingent coupons during the 2nd Step-Up Period.

Cont inge nt Coupons during t he 2 nd St e p -U p
N um be r of Coupon Ba rrie r Eve nt s during t he 2 nd St e p -U p Pe riod
Pe riod
A Coupon Barrier Event does not occur on any Observation Date
$500.00
A Coupon Barrier Event occurs on 1 Observation Date
$491.67
A Coupon Barrier Event occurs on 2 Observation Dates
$483.33
A Coupon Barrier Event occurs on 3 Observation Dates
$475.00
A Coupon Barrier Event occurs on 4 Observation Dates
$466.67
A Coupon Barrier Event occurs on 5 Observation Dates
$458.33
A Coupon Barrier Event occurs on 6 Observation Dates
$450.00
A Coupon Barrier Event occurs on 7 Observation Dates
$441.67
A Coupon Barrier Event occurs on 8 Observation Dates
$433.33
A Coupon Barrier Event occurs on 9 Observation Dates
$425.00
A Coupon Barrier Event occurs on 10 Observation Dates
$416.67
A Coupon Barrier Event occurs on 11 Observation Dates
$408.33
A Coupon Barrier Event occurs on 12 Observation Dates
$400.00
A Coupon Barrier Event occurs on 13 Observation Dates
$391.67
A Coupon Barrier Event occurs on 14 Observation Dates
$383.33
A Coupon Barrier Event occurs on 15 Observation Dates
$375.00
A Coupon Barrier Event occurs on 16 Observation Dates
$366.67
A Coupon Barrier Event occurs on 17 Observation Dates
$358.33
A Coupon Barrier Event occurs on 18 Observation Dates
$350.00
A Coupon Barrier Event occurs on 19 Observation Dates
$341.67
A Coupon Barrier Event occurs on 20 Observation Dates
$333.33
A Coupon Barrier Event occurs on 21 Observation Dates
$325.00
A Coupon Barrier Event occurs on 22 Observation Dates
$316.67
A Coupon Barrier Event occurs on 23 Observation Dates
$308.33
A Coupon Barrier Event occurs on 24 Observation Dates
$300.00
A Coupon Barrier Event occurs on 25 Observation Dates
$291.67
A Coupon Barrier Event occurs on 26 Observation Dates
$283.33
A Coupon Barrier Event occurs on 27 Observation Dates
$275.00
A Coupon Barrier Event occurs on 28 Observation Dates
$266.67
A Coupon Barrier Event occurs on 29 Observation Dates
$258.33
A Coupon Barrier Event occurs on 30 Observation Dates
$250.00
A Coupon Barrier Event occurs on 31 Observation Dates
$241.67
A Coupon Barrier Event occurs on 32 Observation Dates
$233.33
A Coupon Barrier Event occurs on 33 Observation Dates
$225.00
A Coupon Barrier Event occurs on 34 Observation Dates
$216.67
A Coupon Barrier Event occurs on 35 Observation Dates
$208.33
A Coupon Barrier Event occurs on 36 Observation Dates
$200.00
A Coupon Barrier Event occurs on 37 Observation Dates
$191.67
A Coupon Barrier Event occurs on 38 Observation Dates
$183.33
A Coupon Barrier Event occurs on 39 Observation Dates
$175.00
A Coupon Barrier Event occurs on 40 Observation Dates
$166.67
A Coupon Barrier Event occurs on 41 Observation Dates
$158.33
A Coupon Barrier Event occurs on 42 Observation Dates
$150.00
A Coupon Barrier Event occurs on 43 Observation Dates
$141.67
A Coupon Barrier Event occurs on 44 Observation Dates
$133.33
A Coupon Barrier Event occurs on 45 Observation Dates
$125.00
A Coupon Barrier Event occurs on 46 Observation Dates
$116.67
A Coupon Barrier Event occurs on 47 Observation Dates
$108.33
A Coupon Barrier Event occurs on 48 Observation Dates
$100.00
6

A Coupon Barrier Event occurs on 49 Observation Dates
$91.67
A Coupon Barrier Event occurs on 50 Observation Dates
$83.33
A Coupon Barrier Event occurs on 51 Observation Dates
$75.00
A Coupon Barrier Event occurs on 52 Observation Dates
$66.67
https://www.sec.gov/Archives/edgar/data/1053092/000095010317000756/dp72364_424b2-u1886.htm[1/31/2017 9:39:30 AM]


A Coupon Barrier Event occurs on 53 Observation Dates
$58.33
A Coupon Barrier Event occurs on 54 Observation Dates
$50.00
A Coupon Barrier Event occurs on 55 Observation Dates
$41.67
A Coupon Barrier Event occurs on 56 Observation Dates
$33.33
A Coupon Barrier Event occurs on 57 Observation Dates
$25.00
A Coupon Barrier Event occurs on 58 Observation Dates
$16.67
A Coupon Barrier Event occurs on 59 Observation Dates
$8.33
A Coupon Barrier Event occurs on 60 Observation Dates
$0.00

The expected total contingent coupons 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 coupons on the securities over all the Step-Up Periods, if any.

The following examples illustrate how the Redemption Amount (excluding contingent coupons) is calculated.

Ex a m ple 1 : T he Fina l Le ve l of t he U nde rlying re pre se nt s a n inc re a se of 2 0 % from t he I nit ia l Le ve l a nd a
K noc k -I n Eve nt doe s not oc c ur. Since a Knock-In Event has not occurred, the Redemption Amount is equal to the principal
amount and the investor is entitled to receive at maturity a payment in cash equal to $1,000 per $1,000 principal amount of
securities.

Ex a m ple 2 : T he Fina l Le ve l of t he U nde rlying re pre se nt s a de c re a se of 1 0 % from t he I nit ia l Le ve l a nd a
K noc k -I n Eve nt doe s not oc c ur. Since a Knock-In Event has not occurred, the Redemption Amount is equal to the principal
amount even though the Final Level is less than the Initial Level and the investor is entitled to receive at maturity a payment in
cash equal to $1,000 per $1,000 principal amount of securities.

Ex a m ple 3 : T he Fina l Le ve l of t he U nde rlying re pre se nt s a de c re a se of 6 0 % from t he I nit ia l Le ve l a nd a
K noc k -I n Eve nt doe s oc c ur. Since a Knock-In Event has occurred, the investor is entitled to receive at maturity a payment in
cash equal to $400 per $1,000 principal amount of securities, calculated as follows:

Underlying Return
=
the lesser of (i) zero and (ii) (Final Level - Initial Level) / Initial Level

=
the lesser of (i) zero and (ii) -60%

=
-60%
Redemption Amount
=
$1,000 × (1 + Underlying Return)

=
$1,000 × 0.40

=
$400
7

Se le c t e d Risk Conside ra t ions

An investment in the securities involves significant risks. Investing in the securities is not equivalent to investing directly in the
Underlying. These risks are explained in more detail in the "Risk Factors" section of the accompanying product supplement.

·
Y OU M AY RECEI V E LESS T H AN T H E PRI N CI PAL AM OU N T AT M AT U RI T Y -- If the securities are not
redeemed prior to the Maturity Date, you may receive less at maturity than you originally invested in the securities, or
you may receive nothing, excluding any contingent coupons, if any. If a Knock-In Event occurs, you will be fully
exposed to any depreciation in the Underlying. In this case, the Redemption Amount you will be entitled to receive will
be less than the principal amount of the securities, and you could lose your entire investment. It is not possible to
predict whether a Knock-In Event will occur, and in the event that there is a Knock-In Event, by how much the closing
level of the Underlying has decreased from the Initial Level to the Final Level. Any payment on the securities is subject
to our ability to pay our obligations as they become due.

·
REGARDLESS OF T H E AM OU N T OF AN Y PAY M EN T Y OU RECEI V E ON T H E SECU RI T I ES, Y OU R
ACT U AL Y I ELD M AY BE DI FFEREN T I N REAL V ALU E T ERM S -- Inflation may cause the real value of any
payment you receive on the securities to be less at maturity than it is at the time you invest. An investment in the
securities also represents a forgone opportunity to invest in an alternative asset that generates a higher real return.
You should carefully consider whether an investment that may result in a return that is lower than the return on
alternative investments is appropriate for you.

·
T H E SECU RI T I ES DO N OT PROV I DE FOR REGU LAR FI X ED I N T EREST PAY M EN T S -- Unlike
https://www.sec.gov/Archives/edgar/data/1053092/000095010317000756/dp72364_424b2-u1886.htm[1/31/2017 9:39:30 AM]


conventional debt securities, the securities do not provide for regular fixed interest payments. The number of contingent
coupons you receive over the term of the securities, if any, will depend on the performance of the Underlying during
the term of the securities and the number of Coupon Barrier Events that occur. If a Coupon Barrier Event occurs on an
Observation Date, you will not receive a contingent coupon on the Contingent Coupon Payment Date immediately
following such Observation Date. Accordingly, if a Coupon Barrier Event occurs on every Observation Date, you will
not receive any contingent coupons during the term of the securities. Thus, the securities are not a suitable investment
for investors who require regular fixed income payments, since the number of contingent coupons is variable and may
be zero.

In addition, if rates generally increase over the term of the securities, it is more likely that the contingent coupon, if any,
could be less than the yield one might receive based on market rates at that time. This would have the further effect of
decreasing the value of your securities both nominally in terms of below-market coupon payments and in real value
terms. Furthermore, it is possible that you will not receive some or all of the contingent coupons over the term of the
securities, and still lose your principal amount. Even if you do receive some or all of your principal amount at maturity,
you will not be compensated for the time value of money. These securities are not short-term investments, so you
should carefully consider these risks before investing.

·
M ORE FAV ORABLE T ERM S T O Y OU ARE GEN ERALLY ASSOCI AT ED WI T H AN U N DERLY I N G WI T H
GREAT ER EX PECT ED V OLAT I LI T Y AN D T H EREFORE CAN I N DI CAT E A GREAT ER RI SK OF LOSS --
"Volatility" refers to the frequency and magnitude of changes in the level of the Underlying. The greater the expected
volatility with respect to the Underlying on the Trade Date, the higher the expectation as of the Trade Date that the
level of the Underlying could be less than (i) the Coupon Barrier Level on any Observation Date or (ii) the Knock-In
Level on the Valuation Date, indicating a higher expected risk of loss on the securities. This greater expected risk will
generally be reflected in a higher Applicable Contingent Coupon Rate than the yield payable on our conventional debt
securities with a similar maturity, or in more favorable terms (such as a lower Coupon Barrier Level or Knock-In Level)
than for similar securities linked to the performance of an Underlying with a lower expected volatility as of the Trade
Date. You should therefore understand that a relatively higher Contingent Coupon Rate may indicate an increased risk
of loss. Further, a relatively lower Coupon Barrier Level or Knock-In Level may not necessarily indicate that you will
receive a contingent coupon on any Applicable Contingent Coupon Payment Date or that the securities have a greater
likelihood of a return of principal at maturity. The volatility of the Underlying can change significantly over the term of
the securities. The level of the Underlying for your securities could fall

8

sharply, which could result in a significant loss of principal. You should be willing to accept the downside market risk of
the Underlying and the potential to lose a significant amount of your principal at maturity.

·
T H E SECU RI T I ES WI LL N OT PAY M ORE T H AN T H E PRI N CI PAL AM OU N T , PLU S T H E APPLI CABLE
CON T I N GEN T COU PON , I F AN Y , AT M AT U RI T Y OR U PON EARLY REDEM PT I ON -- The securities will
not pay more than the principal amount, plus the applicable contingent coupon, if any, at maturity or upon early
redemption, regardless of the performance of the Underlying. Even if the Final Level is greater than the Initial Level,
you will not participate in the appreciation of the Underlying. Assuming the securities are held to maturity and the term
of the securities is exactly ten years, the maximum amount payable with respect to the securities is $1,850 for each
$1,000 principal amount of the securities.

·
T H E SECU RI T I ES ARE SU BJ ECT T O T H E CREDI T RI SK OF CREDI T SU I SSE -- Investors are dependent
on our ability to pay all amounts due on the securities and, therefore, if we were to default on our obligations, you may
not receive any amounts owed to you under the securities. In addition, any decline in our credit ratings, any adverse
changes in the market's view of our creditworthiness or any increase in our credit spreads is likely to adversely affect
the value of the securities prior to maturity.

·
T H E SECU RI T I ES ARE SU BJ ECT T O A POT EN T I AL EARLY REDEM PT I ON , WH I CH WOU LD LI M I T
Y OU R OPPORT U N I T Y T O BE PAI D CON T I N GEN T COU PON S OV ER T H E FU LL T ERM OF T H E
SECU RI T I ES -- The securities are subject to a potential early redemption on any Early Redemption Date, upon
notice to the trustee on or before the immediately preceding Observation Date. Market events could affect our decision
to redeem the securities. For example, it is more likely that Credit Suisse will redeem the securities prior to the
Maturity Date at a time when Credit Suisse believes it will be likely to pay contingent coupons over the term of the
securities and could issue a comparable debt security with a lower contingent coupon rate.

https://www.sec.gov/Archives/edgar/data/1053092/000095010317000756/dp72364_424b2-u1886.htm[1/31/2017 9:39:30 AM]


If the securities are redeemed prior to the Maturity Date, you will be entitled to receive a cash payment equal to the
principal amount of your securities and any contingent coupon payable, if any, on that Early Redemption Date, and no
further payments will be made in respect of the securities. In this case, you will lose the opportunity to continue to be
paid contingent coupons from that Early Redemption Date to the scheduled Maturity Date. If the securities are
redeemed prior to the Maturity Date, you may be unable to invest in other securities with a similar level of risk that
provide you with the opportunity to be paid the same coupons as the securities.

·
T H E APPLI CABLE CON T I N GEN T COU PON RAT E AT A PART I CU LAR T I M E WI LL AFFECT OU R
DECI SI ON T O REDEEM T H E SECU RI T I ES -- It is more likely that we will redeem the securities prior to their
Maturity Date during periods when the remaining contingent coupons, if any, are to be paid on the securities at a rate
that is greater than that which we would pay on a conventional fixed-rate, non-callable debt security of comparable
maturity. If we redeem the securities prior to maturity, you may not be able to invest in other securities with a similar
level of risk that yield as much total contingent coupon payments as the securities.

·
T H E EST I M AT ED V ALU E OF T H E SECU RI T I ES ON T H E T RADE DAT E I S LESS T H AN T H E PRI CE T O
PU BLI C -- The initial estimated value of your securities on the Trade Date (as determined by reference to our pricing
models and our internal funding rate) is less than the original Price to Public. The Price to Public of the securities
includes any discounts or commissions as well as transaction costs such as expenses incurred to create, document
and market the securities and the cost of hedging our risks as issuer of the securities through one or more of our
affiliates (which includes a projected profit). These costs will be effectively borne by you as an investor in the
securities. These amounts will be retained by Credit Suisse or our affiliates in connection with our structuring and
offering of the securities (except to the extent discounts or commissions are reallowed to other broker-dealers or any
costs are paid to third parties).
On the Trade Date, we value the components of the securities in accordance with our pricing models. These include a
fixed income component valued using our internal funding rate, and individual option components valued using mid-
market pricing. As such, the payout on the securities can be replicated

9

using a combination of these components and the value of these components, as determined by us using our pricing
models, will impact the terms of the securities at issuance. Our option valuation models are proprietary. Our pricing
models take into account factors such as interest rates, volatility and time to maturity of the securities, and they rely in
part on certain assumptions about future events, which may prove to be incorrect.

Because Credit Suisse's pricing models may differ from other issuers' valuation models, and because funding rates
taken into account by other issuers may vary materially from the rates used by Credit Suisse (even among issuers with
similar creditworthiness), our estimated value at any time may not be comparable to estimated values of similar
securities of other issuers.

·
EFFECT OF I N T EREST RAT E U SED I N ST RU CT U RI N G T H E SECU RI T I ES -- The internal funding rate we
use in structuring notes such as these securities is typically lower than the interest rate that is reflected in the yield on
our conventional debt securities of similar maturity in the secondary market (our "secondary market credit spreads"). If
on the Trade Date our internal funding rate is lower than our secondary market credit spreads, we expect that the
economic terms of the securities will generally be less favorable to you than they would have been if our secondary
market credit spread had been used in structuring the securities. We will also use our internal funding rate to determine
the price of the securities if we post a bid to repurchase your securities in secondary market transactions. See "--
Secondary Market Prices" below.

·
SECON DARY M ARK ET PRI CES -- If Credit Suisse (or an affiliate) bids for your securities in secondary market
transactions, which we are not obligated to do, the secondary market price (and the value used for account statements
or otherwise) may be higher or lower than the Price to Public and the estimated value of the securities on the Trade
Date. The estimated value of the securities on the cover of this pricing supplement does not represent a minimum
price at which we would be willing to buy the securities in the secondary market (if any exists) at any time. The
secondary market price of your securities at any time cannot be predicted and will reflect the then-current estimated
value determined by reference to our pricing models and other factors. These other factors include our internal funding
rate, customary bid and ask spreads and other transaction costs, changes in market conditions and any deterioration or
improvement in our creditworthiness. In circumstances where our internal funding rate is lower than our secondary
market credit spreads, our secondary market bid for your securities could be more favorable than what other dealers
https://www.sec.gov/Archives/edgar/data/1053092/000095010317000756/dp72364_424b2-u1886.htm[1/31/2017 9:39:30 AM]


might bid because, assuming all else equal, we use the lower internal funding rate to price the securities and other
dealers might use the higher secondary market credit spread to price them. Furthermore, assuming no change in
market conditions from the Trade Date, the secondary market price of your securities will be lower than the Price to
Public because it will not include any discounts or commissions and hedging and other transaction costs. If you sell
your securities to a dealer in a secondary market transaction, the dealer may impose an additional discount or
commission, and as a result the price you receive on your securities may be lower than the price at which we may
repurchase the securities from such dealer.
We (or an affiliate) may initially post a bid to repurchase the securities from you at a price that will exceed the then-
current estimated value of the securities. That higher price reflects our projected profit and costs that were included in
the Price to Public, and that higher price may also be initially used for account statements or otherwise. We (or our
affiliate) may offer to pay this higher price, for your benefit, but the amount of any excess over the then-current
estimated value will be temporary and is expected to decline over a period of approximately 90 days.
The securities are not designed to be short-term trading instruments and any sale prior to maturity could result in a
substantial loss to you. You should be willing and able to hold your securities to maturity.

·
CREDI T SU I SSE I S SU BJ ECT T O SWI SS REGU LAT I ON -- As a Swiss bank, Credit Suisse is subject to
regulation by governmental agencies, supervisory authorities and self-regulatory organizations in Switzerland. Such
regulation is increasingly more extensive and complex and subjects Credit Suisse to risks. For example, pursuant to
Swiss banking laws, the Swiss Financial Market Supervisory Authority (FINMA) may open resolution proceedings if
there are justified concerns that Credit Suisse is over-indebted, has serious liquidity problems or no longer fulfills
capital adequacy requirements. FINMA has broad powers and discretion in the case of resolution

10

proceedings, which include the power to convert debt instruments and other liabilities of Credit Suisse into equity
and/or cancel such liabilities in whole or in part. If one or more of these measures were imposed, such measures may
adversely affect the terms and market value of the securities and/or the ability of Credit Suisse to make payments
thereunder and you may not receive any amounts owed to you under the securities.

·
LACK OF LI QU I DI T Y -- The securities will not be listed on any securities exchange. Credit Suisse (or its affiliates)
intends to offer to purchase the securities in the secondary market but is not required to do so. Even if there is a
secondary market, it may not provide enough liquidity to allow you to trade or sell the securities when you wish to do
so. Because other dealers are not likely to make a secondary market for the securities, the price at which you may be
able to trade your securities is likely to depend on the price, if any, at which Credit Suisse (or its affiliates) is willing to
buy the securities. If you have to sell your securities prior to maturity, you may not be able to do so or you may have to
sell them at a substantial loss.

·
POT EN T I AL CON FLI CT S -- We and our affiliates play a variety of roles in connection with the issuance of the
securities, including acting as calculation agent and as agent of the issuer for the offering of the securities, hedging our
obligations under the securities and determining their estimated value. In performing these duties, the economic
interests of us and our affiliates are potentially adverse to your interests as an investor in the securities. Further,
hedging activities may adversely affect any payment on or the value of the securities. Any profit in connection with
such hedging activities will be in addition to any other compensation that we and our affiliates receive for the sale of
the securities, which creates an additional incentive to sell the securities to you.

·
U N PREDI CT ABLE ECON OM I C AN D M ARK ET FACT ORS WI LL AFFECT T H E V ALU E OF T H E
SECU RI T I ES -- The payout on the securities can be replicated using a combination of the components described in
"The estimated value of the securities on the Trade Date is less than the Price to Public." Therefore, in addition to the
level of the Underlying, the terms of the securities at issuance and the value of the securities prior to maturity may be
influenced by factors that impact the value of fixed income securities and options in general such as:

o
the expected and actual volatility of the Underlying;

o
the time to maturity of the securities;

o
the dividend rate on the equity securities included in the Underlying;

https://www.sec.gov/Archives/edgar/data/1053092/000095010317000756/dp72364_424b2-u1886.htm[1/31/2017 9:39:30 AM]


Document Outline