Obbligazione Swiss Credit 1.8% ( XS2379967800 ) in USD

Emittente Swiss Credit
Prezzo di mercato refresh price now   100 USD  ⇌ 
Paese  Svizzera
Codice isin  XS2379967800 ( in USD )
Tasso d'interesse 1.8% per anno ( pagato 2 volte l'anno)
Scadenza 14/09/2028



Prospetto opuscolo dell'obbligazione Credit Suisse XS2379967800 en USD 1.8%, scadenza 14/09/2028


Importo minimo 10 000 USD
Importo totale 31 000 000 USD
Coupon successivo 14/09/2025 ( In 113 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 XS2379967800, pays a coupon of 1.8% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 14/09/2028







Securities Note dated 9 July 2021


Credit Suisse AG
Securities Note comprising part of the Trigger Redeemable and
Phoenix Securities Base Prospectus
Pursuant to the Structured Products Programme
for the issuance of Notes, Certificates and Warrants
This Securities Note and the Base Prospectus
This document (this "Securities Note" or "Document") constitutes a securities note in respect of Securities issued
under the Structured Products Programme for the issuance of Notes, Certificates and Warrants (the
"Programme"), a securities note relating to Securities to be issued by Credit Suisse AG ("CS" or the "Issuer")
under the Programme. Investors should consult the section "How to use this Document" as a guide as to
which parts of this Securities Note are relevant for particular Securities.
The Securities Note shall be read in conjunction with the CS registration document dated 11 June 2021, as
supplemented from time to time, which has been approved by the Commission de Surveillance du Secteur Financier
("CSSF") and contains information in respect of CS (such registration document, as so supplemented, the
"Registration Document"). Together, the Registration Document and the Securities Note constitute a "base
prospectus" (the "Base Prospectus" or the "Trigger Redeemable and Phoenix Securities Base Prospectus")
dated the date hereof within the meaning of Article 8(6) of Regulation (EU) 2017/1129 (the "Prospectus
Regulation") in respect of all Securities (other than Exempt Securities) issued by CS.
The Registration Document and this Securities Note comprising the Base Prospectus may be supplemented from
time to time under the terms of the Prospectus Regulation. The Base Prospectus includes (i) any such supplements
from time to time and (ii) any documents incorporated by reference into each of the Registration Document and the
Securities Note comprising the Base Prospectus (see the sections "Documents Incorporated by Reference" in this
Securities Note and "Information Incorporated by Reference" in the Registration Document) and, in relation to any
particular Securities (other than Exempt Securities), the Base Prospectus should be read together with the "Final
Terms" document relating to those Securities.
In relation to Securities other than Exempt Securities, the Base Prospectus is valid for one year from the date of
approval of the Base Prospectus and is valid until 9 July 2022. The obligation to supplement the Base Prospectus
in accordance with Article 23 of the Prospectus Regulation in the event of significant new factors, material mistakes
or material inaccuracies does not apply when the Base Prospectus is no longer valid.
References in this Securities Note to "Exempt Securities" are to Securities for which no prospectus is required to
be published under the Prospectus Regulation. In relation to Exempt Securities issued by the Issuer, the Securities
Note shall be read in conjunction with the Registration Document which documents, together with all documents
incorporated by reference therein, shall constitute the Base Prospectus in respect of Exempt Securities issued by
the Issuer. The CSSF has neither approved nor reviewed information contained in this Securities Note in connection
with Exempt Securities.
Prospective investors should further take note that the Base Prospectus does not constitute a "prospectus" for the
purposes of Article 8 of the "UK Prospectus Regulation" (being EU Regulation (EU) 2017/1129 as it forms part
of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the "EUWA")) and has been prepared on
the basis that no prospectus shall be required under the UK Prospectus Regulation for any Securities to be offered
and sold under it. The Base Prospectus has not been approved or reviewed by any regulator which is a competent
authority under the UK Prospectus Regulation in the United Kingdom (the "UK").








The Programme
The Base Prospectus is one of a number of base prospectuses and other offering documents under the Structured
Products Programme for the issuance of Notes, Certificates and Warrants (the "Programme") of Credit Suisse
AG.
The Issuer
Securities issued under the Base Prospectus will be issued by Credit Suisse AG, acting through its London Branch,
Nassau Branch or Singapore Branch (the "Issuer"). The Registration Document contains information relating to the
business affairs and financial condition of CS.
The Securities
The Base Prospectus relates to securities (the "Securities") which:

will be in the form of notes, certificates or warrants;

may have any maturity or term;

will either bear periodic fixed rate or floating rate interest or interest that is dependent on the performance
of one or more underlying assets, or will not bear interest;

may pay instalment amounts; and

upon maturity or settlement, will either pay a fixed percentage of the nominal amount, or pay a redemption
amount or settlement amount, or deliver a specified number of shares, in each case that is dependent on
the performance of one or more underlying assets.
In addition, the Securities may provide for early redemption or settlement upon the occurrence of a specified trigger
event or at the option of the Issuer.
The terms and conditions of any particular issuance of Securities will comprise:

in the case of:
(a)
notes, the "General Terms and Conditions of Notes" at pages 108 to 140 of this Securities
Note, together with any "Additional Provisions relating to Notes" beginning at page 142 of this
Securities Note which are specified to be applicable in the relevant Issue Terms; or
(b)
certificates, the "General Terms and Conditions of Certificates" at pages 152 to 182 of this
Securities Note, together with any "Additional Provisions relating to Certificates" beginning at
page 183 of this Securities Note which are specified to be applicable in the relevant Issue
Terms; or
(c)
warrants, the "General Terms and Conditions of Warrants" at pages 192 to 208 of this Securities
Note, together with any "Additional Provisions relating to Warrants" beginning at page 209 of
this Securities Note which are specified to be applicable in the relevant Issue Terms;

the economic or "payout" terms of the Securities set forth in the "Product Conditions" at pages 233 to
288 of this Securities Note which are specified to be applicable in the relevant Issue Terms;

where the Securities are linked to one or more underlying assets, the terms and conditions relating to such
underlying asset(s) set out in the "Asset Terms" at pages 289 to 305 of this Securities Note which are
specified to be applicable in the relevant Issue Terms; and

the issue specific details relating to such Securities as set forth in a separate "Issue Terms" document, as
described below.

2






Issue Terms
"Issue Terms" means either (i) where the Securities are not Exempt Securities, the relevant Final Terms or (ii)
where the Securities are Exempt Securities, the relevant Pricing Supplement, in each case, as described below.
Final Terms
A separate "Final Terms" document will be prepared in respect of each issuance of Securities (other than Exempt
Securities) and will set out the specific details of the Securities. For example, the relevant Final Terms will specify
the issue date, the maturity date, the underlying asset(s) to which the Securities are linked (if any), the applicable
"Product Conditions" and/or the applicable "Asset Terms". The relevant Final Terms shall not replace or modify the
"General Terms and Conditions", the "Product Conditions" and the "Asset Terms".
In addition, if required under the Prospectus Regulation, an issue-specific summary will be annexed to the relevant
Final Terms for each tranche of Securities (other than Exempt Securities), which will contain a summary of key
information relating to the Issuer, the Securities, the risks relating to the Issuer and the Securities, and other
information relating to the offer of the Securities.
In relation to any particular Securities (other than Exempt Securities), you should read the Base Prospectus (including
the documents which are incorporated by reference) together with the relevant Final Terms.
Pricing Supplement
A separate "Pricing Supplement" document will be prepared for each issuance of Exempt Securities and will set
out the specific details of the Securities. For example, the relevant Pricing Supplement will specify the issue date,
the maturity date, the underlying asset(s) to which the Securities are linked (if any), the applicable "Product
Conditions" and/or the applicable "Asset Terms". The relevant Pricing Supplement may replace or modify the
"General Terms and Conditions", the "Product Conditions" and the "Asset Terms" to the extent so specified or to
the extent inconsistent with the same.
In relation to any particular Exempt Securities, you should read the Base Prospectus (including the documents which
are incorporated by reference) together with the relevant Pricing Supplement.
Types of underlying assets
The economic or "payout" terms of the Securities may be linked to movements in one or more of the following types
of underlying assets (each, an "Underlying Asset"):

an equity share;

an index (which may be an equity index or a proprietary index);

a commodity or a commodity futures contract;

a commodity index;

an exchange-traded fund;

an exchange-traded commodity linked security;

a currency exchange rate;

a currency exchange rate index;

an inflation index;

an interest rate index; or

a cash index,
provided that, no Securities will be issued under the Base Prospectus which provide for physical delivery of any
shares or transferable securities equivalent to shares issued by the Issuer or an entity belonging to the group of the
Issuer.
The interest payable under certain Securities issued under this Securities Note may also be calculated by reference
to a fixed rate of interest or a reference rate for determining floating rate interest.

3






EU Benchmark Regulation: Article 29(2) Statement on Benchmarks
Amounts payable under the Securities may be calculated by reference to one or more specific indices, rates or price
sources or a combination of indices, rates or price sources. Any such index, rate or price source may constitute a
benchmark for the purposes of Regulation (EU) 2016/1011 of the European Parliament and of the Council on
indices used as benchmarks in financial instruments and financial contracts or to measure the performance of
investment funds (the "EU Benchmark Regulation"). In cases where amounts payable under Securities (other
than Exempt Securities) are calculated by reference to one or more such indices, rates or price sources, the relevant
Final Terms will specify:

the name of each index, rate or price source so referenced;

the legal name of the administrator of each such index, rate or price source; and

whether or not the legal name of the administrator of each such index, rate or price source appears on
the register (the "Benchmark Register") of administrators and benchmarks established and maintained
by the European Securities and Markets Authority ("ESMA") pursuant to Article 36 of the EU Benchmark
Regulation at the date of the relevant Final Terms.
Not every index, rate or price source will fall within the scope of the EU Benchmark Regulation. Where an index,
rate or price source falls within the scope of the EU Benchmark Regulation, the transitional provisions in Article 51
or the provisions of Article 2 of the EU Benchmark Regulation may apply, such that the administrator of such index,
rate or price source is not at the date of the relevant Final Terms required to obtain authorisation/registration (or, if
located outside the European Union, recognition, endorsement or equivalence). However, in the case of Securities
which are not Exempt Securities and where the Underlying Asset is an index provided by the Issuer or an entity
belonging to the same group or if the index is provided by a legal entity or a natural person acting in association with
or on behalf of the Issuer, the relevant index administrator must be registered in the register maintained by ESMA
under Article 36 of the EU Benchmark Regulation.
The registration status of any administrator under the EU Benchmark Regulation is a matter of public record and,
save where required by applicable law, the Issuer does not intend to update the relevant Final Terms to reflect any
change in the registration status of the administrator.
Using the Base Prospectus in Switzerland
The Base Prospectus will be registered in Switzerland with SIX Exchange Regulation Ltd. as Reviewing Body of a
foreign prospectus, which will be deemed approved also in Switzerland pursuant to article 54 para. 2 of the Swiss
Federal Act on Financial Services ("Financial Services Act", "FinSA"), for inclusion in the list of approved
prospectuses pursuant to article 64 para 5 FinSA and deposited with such Reviewing Body and published pursuant
to article 64 FinSA.
The Securities do not constitute a collective investment scheme within the meaning of the Swiss Federal
Act on Collective Investment Schemes ("CISA"). Therefore, the Securities are not subject to
authorisation or supervision by the Swiss Financial Market Supervisory Authority FINMA ("FINMA").
Investors bear the Issuer risk.
Potential for Discretionary Determinations by the Issuer under the Securities
Under the terms and conditions of the Securities, following the occurrence of certain events outside of its control,
the Issuer may determine in its discretion to take one or more of the actions available to it in order to deal with the
impact of such event on the Securities or the Issuer or both. It is possible that any such discretionary determinations
by the Issuer could have a material adverse impact on the value of and return on the Securities. An overview of the
potential for discretionary determinations by the Issuer under the Securities is set forth in the section headed
"Overview of the Potential for Discretionary Determinations by the Issuer" on pages 94 to 105 of this Securities
Note.
Risk Factors
Investing in the Securities involves certain risks, including that you may lose some or all of your
investment in certain circumstances.
Before purchasing Securities, you should consider, in particular, "Risk Factors" at pages 21 to 72 of this Securities
Note and the risk factors set out in the Registration Document. You should ensure that you understand the nature
of the Securities and the extent of your exposure to risks and consider carefully, in the light of your own financial

4






circumstances, financial condition and investment objectives, all the information set forth in the Base Prospectus
and any document incorporated by reference therein.

5





Important Notices
IMPORTANT NOTICES
The Issuer may issue Securities under the Base Prospectus on the terms set out in this Securities Note and in the
relevant Issue Terms.
The relevant Issue Terms will specify whether CS is issuing the Securities through its London Branch, its Nassau
Branch or its Singapore Branch. Investors should be aware that certain tax and regulatory consequences may follow
from issuing Securities through a particular branch, including whether payments on the Securities are subject to
withholding tax (see the section headed "Taxation" below). A branch located in a particular jurisdiction will also be
subject to certain regulatory requirements and rules, breach of which may result in regulatory sanction and, possibly,
investor claims. Investors should be aware that a branch is not a subsidiary and does not comprise a separate legal
entity and that, in respect of any Securities issued by CS, obligations under such Securities are those of CS only,
and investors' claims under such Securities are against CS only, notwithstanding the branch through which it will
have issued such Securities.
Credit Suisse AG, Singapore Branch is licensed as a wholesale bank under the Banking Act, Chapter 19 of
Singapore and is subject to restrictions on the acceptance of deposits in Singapore dollars. The Securities do not
constitute or evidence a debt repayable by Credit Suisse AG, Singapore Branch on demand to the Securityholders
and the value of the Securities, if sold on the secondary market, is subject to market conditions prevailing at the
time of the sale. Please refer to the section headed "Terms and Conditions of the Securities" together with the
relevant Issue Terms for the terms and conditions under which the Securityholders may recover amounts payable or
deliverable to them on the Securities from the Issuer.
The final terms relevant to an issue of Securities will be set out in a Final Terms document (or, in the case of Exempt
Securities, a Pricing Supplement document). The relevant Final Terms shall not replace or modify the "General
Terms and Conditions", the "Product Conditions" or the "Asset Terms". The relevant Final Terms will be provided to
investors and, where so required under the Prospectus Regulation, filed with the CSSF and the competent authority
of any other relevant Member State and made available, free of charge, to the public on the website of Credit Suisse
(https://derivative.credit-suisse.com).
In the case of Exempt Securities, the relevant Pricing Supplement may replace or modify any of the "General Terms
and Conditions", the "Product Conditions" and the "Asset Terms" to the extent so specified or to the extent
inconsistent with the same. The relevant Pricing Supplement will be obtainable by a Securityholder holding one or
more Exempt Securities (and such Securityholder must produce evidence satisfactory to the Issuer as to its holding
of such Exempt Securities and identity) and/or may be available from any distributor upon request.
IMPORTANT ­ EEA RETAIL INVESTORS
If the Issue Terms in respect of any Securities includes a legend entitled "Prohibition of Sales to EEA Retail
Investors", the Securities are not intended to be offered, sold or otherwise made available to and may not be offered,
sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For these purposes,
a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of
Directive 2014/65/EU on Markets in Financial Instruments (as may be amended, varied or replaced from time to
time) ("MiFID II"); (ii) a customer within the meaning of Directive (EU) 2016/97 (as may be amended, varied or
replaced from time to time) (the "Insurance Distribution Directive"), where that customer would not qualify as a
professional client as defined in point (10) of Article 4(1) of MiFID I ; or (iii) not a qualified investor as defined in the
Prospectus Regulation. Consequently no key information document required by Regulation (EU) No 1286/2014
(as may be amended, varied or replaced from time to time) (the "PRIIPs Regulation") for offering or selling the
Securities or otherwise making them available to retail investors in the EEA has been prepared and therefore offering
or selling such Securities or otherwise making them available to any retail investor in the EEA may be unlawful under
the PRI Ps Regulation.
IMPORTANT ­ UK RETAIL INVESTORS
If the Issue Terms in respect of any Securities includes a legend entitled "Prohibition of Sales to UK Retail Investors",
the Securities are not intended to be offered, sold or otherwise made available to and may not be offered, sold or
otherwise made available to any retail investor in the UK. For these purposes, a retail investor means a person who
is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms
part of domestic law by virtue of the EUWA; or (ii) a customer within the meaning of the provisions of the Financial
Services and Markets Act 2000, as amended (the "FSMA ") and any rules or regulations made under the FSMA to
implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in
point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA;
or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law

6





Important Notices
by virtue of the EUWA. Consequently no key information document required by Regulation (EU) No 1286/2014 as
it forms part of domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling the
Securities or otherwise making them available to retail investors in the UK has been prepared and therefore offering
or selling the Securities or otherwise making them available to any retail investor in the UK may be unlawful under
the UK PRI Ps Regulation.
Notification under Section 309b(1)(C) of the Securities and Futures Act (Chapter 289 of Singapore), as
modified or amended from time to time (the "SFA")
Unless otherwise notified by the Issuer to the Dealers or unless otherwise stated in the Issue Terms in respect of
any Securities, the Issuer hereby notifies the Dealers that all Securities issued or to be issued under the Base
Prospectus shall be capital markets products other than prescribed capital markets products (as defined in the
Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore) and Specified Investment
Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice
FAA-N16: Notice on Recommendations on Investment Products).
Unless otherwise exempted under the Securities and Futures (Capital Markets Products) Regulations 2018, prior
to the offer of any Securities, the Issuer will provide written notice in accordance with section 309B(1)(c) of the SFA
to the Dealers if (a) there is any change in the classification of the Securities as capital markets products other than
prescribed capital markets products and Specified Investment Products or (b) there are any other dealers who are
not Dealer(s) at launch of the offering.
No Investment Advice
Prospective investors should have regard to the factors described under the sections headed "Risk Factors" in this
Securities Note and the Registration Document. The Issuer is acting solely in the capacity of an arm's length
contractual counterparty and not as an investor's financial adviser or fiduciary in any transaction. The purchase of
Securities involves substantial risks and an investment in Securities is only suitable for investors who (either alone
or in conjunction with an appropriate financial adviser) fully evaluate the risks and merits of such an investment in
the Securities and who have sufficient resources to be able to bear any losses that may result therefrom. Therefore,
before making an investment decision, prospective investors of Securities should ensure that they understand the
nature of the Securities and the extent of their exposure to risks and consider carefully, in the light of their own
financial circumstances, financial condition and investment objectives, all the information set forth in the Base
Prospectus and any document incorporated by reference therein. The Base Prospectus cannot disclose whether
the Securities are a suitable investment in relation to any investor's particular circumstances; therefore investors
should consult their own financial, tax, legal or other advisers if they consider it appropriate to do so and carefully
review and consider such an investment decision in the light of the information set forth in the Base Prospectus.
CREST Depository Interests
The Issuer gives notice that investors may hold indirect interests in certain Securities through CREST through the
issuance of dematerialised depository interests ("CDIs"). CDIs are independent securities (distinct from the
Securities issued by the Issuer) constituted under English law and transferred through CREST and will be issued by
CREST Depository Limited or any successor thereto pursuant to the global deed poll dated 25 June 2001 (as
subsequently modified, supplemented and/or restated). Please refer to the section headed "Clearing Arrangements"
for more information.
No other person is authorised to give information on the Securities
In connection with the issue and sale of the Securities, no person is authorised by the Issuer to give any information
or to make any representation not contained in the Base Prospectus and/or the relevant Issue Terms, and the Issuer
does not accept responsibility for any information or representation so given that is not contained within the Base
Prospectus and the relevant Issue Terms.
The distribution of the Base Prospectus is restricted
The distribution of the Base Prospectus and the offering or sale of the Securities in certain jurisdictions may be
restricted by law. Persons into whose possession the Base Prospectus comes are required by the Issuer to inform
themselves about, and to observe, such restrictions. For a description of certain restrictions on offers or sales of the
Securities and the distribution of the Base Prospectus and other offering materials relating to the Securities, please
refer to the section headed "Selling Restrictions" in this Securities Note.

7





Important Notices
United States restrictions
The Securities have not been and will not be registered under the U.S. Securities Act of 1933 (the "Securities
Act") and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons
except in certain transactions exempt from the registration requirements of the Securities Act and applicable state
securities laws. A further description of the restrictions on offers and sales of the Securities in the United States or
to U.S. persons and certain hedging restrictions is set out in the section headed "Selling Restrictions" in this
Securities Note.
Important notice in relation to Securities offered in the Kingdom of Bahrain
In relation to investors in the Kingdom of Bahrain, Securities issued in connection with the Base Prospectus and
related offering documents must be in registered form and must only be marketed to existing account holders and
accredited investors as defined by the Central Bank of Bahrain (the "CBB") in the Kingdom of Bahrain where such
investors make a minimum investment of at least US$ 100,000, or any equivalent amount in other currency or such
other amount as the CBB may determine.
The Base Prospectus does not constitute an offer of securities in the Kingdom of Bahrain in terms of Article 81 of
the Central Bank and Financial Institutions Law 2006 (decree Law No. 64 of 2006). The Base Prospectus and
related offering documents have not been and will not be registered as a prospectus with the CBB. Accordingly, no
Securities may be offered, sold or made the subject of an invitation for subscription or purchase nor will the Base
Prospectus or any other related document or material be used in connection with any offer, sale or invitation to
subscribe or purchase securities, whether directly or indirectly, to persons in the Kingdom of Bahrain, other than as
marketing to accredited investors for an offer outside Bahrain.
The CBB has not reviewed, approved or registered the Base Prospectus or related offering documents and it has
not in any way considered the merits of the Securities to be marketed for investment, whether in or outside the
Kingdom of Bahrain. Therefore, the CBB assumes no responsibility for the accuracy and completeness of the
statements and information contained in the Base Prospectus and expressly disclaims any liability whatsoever for
any loss howsoever arising from reliance upon the whole or any part of the content of the Base Prospectus.
No offer of Securities will be made to the public in the Kingdom of Bahrain and the Base Prospectus must be read
by the addressee only and must not be issued, passed to, or made available to the public generally.
THE CBB AND THE BAHRAIN BOURSE ASSUME NO RESPONSIBILITY FOR THE ACCURACY AND
COMPLETENESS OF THE STATEMENTS AND INFORMATION CONTAINED IN THE BASE PROSPECTUS
AND EXPRESSLY DISCLAIM ANY LIABILITY WHATSOEVER FOR ANY LOSS HOWSOEVER ARISING
FROM RELIANCE UPON THE WHOLE OR ANY PART OF THE CONTENTS OF THE BASE PROSPECTUS.
THE ISSUER ACCEPTS RESPONSIBILITY FOR THE INFORMATION GIVEN IN THE BASE PROSPECTUS
AND CONFIRMS THAT, HAVING TAKEN ALL REASONABLE CARE TO ENSURE THAT SUCH IS THE CASE,
THE INFORMATION CONTAINED IN THE BASE PROSPECTUS IS, TO THE BEST OF ITS KNOWLEDGE,
IN ACCORDANCE WITH THE FACTS AND DOES NOT OMIT ANYTHING LIKELY TO AFFECT ITS IMPORT.
Each dealer has represented and agreed, and each further dealer appointed under the program will be required to
represent and agree, that it has not offered or sold, and will not offer or sell any Securities except as marketing to
persons in Bahrain who are "accredited investors". For this purpose, an accredited investor means:

an individual holding financial assets (either singly or jointly with a spouse) of 1,000,000 U.S.
Dollars or more, excluding that person's principal place of residence;

a company, partnership, trust or other commercial undertaking, which has financial assets
available for investment of not less than 1,000,000 U.S. Dollars; or

a government, supranational organisation, central bank or other national monetary authority or
a state organisation whose main activity is to invest in financial instruments (such as a state
pension fund).

8





Important Notices
Ratings
Each of S&P Global Ratings Europe Limited ("Standard & Poor's") and Moody's Deutschland GmbH ("Moody's")
are established in the European Union ("EU") and are registered under Regulation (EC) No. 1060/2009 (as
amended) (the "CRA Regulation"). Fitch Ratings Limited ("Fitch") is established in the UK and is registered in
accordance with Regulation (EC) No. 1060/2009 as it forms part of domestic law by virtue of the EUWA (the "UK
CRA Regulation").
In general, EU regulated investors are restricted under the CRA Regulation from using credit ratings for regulatory
purposes in the EEA, unless such ratings are issued by a credit rating agency established in the EEA and registered
under the CRA Regulation (and such registration has not been withdrawn or suspended), subject to transitional
provisions that apply in certain circumstances. Such general restriction will also apply in the case of credit ratings
issued by third country non-EEA credit rating agencies, unless the relevant credit ratings are endorsed by an EEA
registered credit rating agency or the relevant third country rating agency is certified in accordance with the CRA
Regulation (and such endorsement action or certification, as the case may be, has not been withdrawn or suspended,
subject to transitional provisions that apply in certain circumstances). The list of registered and certified rating
agencies published by ESMA on its website in accordance with the CRA Regulation is not conclusive evidence of
the status of the relevant rating agency included in such list, as there may be delays between certain supervisory
measures being taken against a relevant rating agency and the publication of the updated ESMA list.
Investors regulated in the UK are subject to similar restrictions under the UK CRA Regulation. As such, UK regulated
investors are required to use for UK regulatory purposes ratings issued by a credit rating agency established in the
UK and registered under the UK CRA Regulation. In the case of ratings issued by third country non-UK credit rating
agencies, third country credit ratings can either be: (a) endorsed by a UK registered credit rating agency; or (b)
issued by a third country credit rating agency that is certified in accordance with the UK CRA Regulation. Note this
is subject, in each case, to (a) the relevant UK registration, certification or endorsement, as the case may be, not
having been withdrawn or suspended, and (b) transitional provisions that apply in certain circumstances. In the case
of third country ratings, for a certain limited period of time, transitional relief accommodates continued use for
regulatory purposes in the UK, of existing pre-2021 ratings, provided the relevant conditions are satisfied.
If the status of the rating agency providing the rating changes for the purposes of the CRA Regulation or the UK
CRA Regulation, relevant regulated investors may no longer be able to use the rating for regulatory purposes in the
EEA or the UK, as applicable. The ratings issued by Fitch are endorsed by Fitch Ratings Ireland Limited ("Fitch
Ireland"). Fitch Ireland is established in the EEA and is registered under the CRA Regulation. As such, each of
Standard & Poor's, Moody's and Fitch Ireland is included in the list of credit rating agencies published by the
European Securities and Markets Authority ("ESMA") on its website (at www.esma.europa.eu/page/List-registered-
and-certified-CRAs) in accordance with the CRA Regulation.
The ratings issued by Standard & Poor's are endorsed by S&P Global Ratings UK Limited ("Standard & Poor's
UK") and the ratings issued by Moody's are endorsed by Moody's Investors Service Ltd. ("Moody's UK"). Standard
& Poor's UK and Moody's UK are established in the UK and are registered in accordance with the UK CRA
Regulation. As such, the ratings issued by Standard & Poor's and Moody's may be used for regulatory purposes in
the UK in accordance with the UK CRA Regulation.
Securities issued under the Base Prospectus may be rated or unrated by any one or more of the rating agencies
referred to above. Where a Tranche of Securities is rated, such rating will be disclosed in the applicable Issue Terms
and will not necessarily be the same as the rating assigned to the Issuer by the relevant rating agency. A security
rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or
withdrawal at any time by the assigning rating agency.
CS has an issuer credit rating of "A+" from Standard & Poor's, a long-term issuer default rating of "A" from Fitch
and an issuer credit rating of "Aa3" from Moody's.
Explanation of ratings as of the date of this document:
"A" by Standard & Poor's: An obligor rated "A" has strong capacity to meet its financial commitments but is somewhat
more susceptible to the adverse effects of changes in circumstances and economic conditions than obligors in
higher-rated categories. The addition of a plus sign shows the relative standing within the rating category (source:
www.standardandpoors.com).
"A" by Fitch: An "A" rating denotes expectations of low default risk. The capacity for payment of financial
commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or
economic conditions than is the case for higher ratings (source: www.fitchratings.com).

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Important Notices
"Aa3" by Moody's: Obligations rated "Aa" are judged to be of high quality and are subject to very low credit risk; the
modifier "3" indicates a ranking in the lower end of that generic rating category (source: www.moodys.com).
ISDA Definitions
Where any interest and/or coupon amount and/or other amount payable under the Securities is calculated by
reference to an ISDA Rate, investors should consult the Issuer if they require an explanation of such ISDA Rate.


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