Obligation Swiss Credit 0% ( XS1040356476 ) en EUR

Swiss Credit

100 % ▼

Suisse

XS1040356476 ( en EUR )

07/08/2023 - Obligation échue

Prospectus brochure de l'obligation Credit Suisse XS1040356476 en EUR 0%, échue

1 000 EUR

18 000 000 EUR

Credit Suisse était une grande banque suisse, active dans la gestion de fortune, l'investissement bancaire et les services financiers, avant sa prise de contrôle par UBS en mars 2023 suite à une crise de confiance.

L'Obligation émise par Swiss Credit ( Suisse ) , en EUR, avec le code ISIN XS1040356476, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 07/08/2023

SUMMARY AND SECURITIES NOTE

Credit Suisse AG
Up to EUR 50,000,000 9 Year Notes with Interest Amounts linked to the DNCA Invest Eurose
Fund, due August 2023
(the "Notes" or the "Securities")
Series SPLB2014-296
Issue Price: 102 per cent. (102%) of the Aggregate Nominal Amount
(ISIN: XS1040356476)
Summary and Securities Note
This document comprises two parts:

Part One is a summary of the Registration Document and Securities Note (the "Summary");
and

Part Two is a securities note (the "Securities Note").
The Summary and Securities Note contain information relating to the above Securities.
Registration Document
The Summary and Securities Note shall be read in conjunction with the registration document dated
16 May 2014 and the supplement to the registration document dated 22 May 2014 (the registration
document dated 16 May 2014 as so supplemented, the "Registration Document") containing
information in respect of Credit Suisse AG, acting through its London Branch (the "Issuer").
Together, the Registration Document, the Summary and the Securities Note constitute a "prospectus"
(the "Prospectus") for the Securities, prepared for the purposes of Article 5.3 of Directive 2003/71/EC
as amended by Directive 2010/73/EU (the "Prospectus Directive"). The Prospectus will be published
on the website of the Luxembourg Stock Exchange www.bourse.lu.
Underlying Asset
The Interest Amounts payable under the Securities are linked to the performance of the DNCA Invest
Eurose Fund. The Final Redemption Amount of the Securities is not linked to the performance of an
underlying asset.
Risk Factors
Before purchasing Securities, you should consider, in particular, "Risk Factors" below and the "Risk
Factors" in the Registration Document.
17 June 2014

TABLE OF CONTENTS
Page
IMPORTANT NOTICES ............................................................................................................................. 3
SUMMARY ............................................................................................................................................... 8
RISK FACTORS ........................................................................................................................................ 28
GENERAL TERMS AND CONDITIONS OF THE SECURITIES ..................................................................... 38
ASSET TERMS ........................................................................................................................................ 59
SPECIFIC TERMS .................................................................................................................................... 71
OVERVIEW OF PROVISIONS RELATING TO THE SECURITIES WHILE IN GLOBAL FORM......................... 80
INFORMATION RELATING TO THE ASSET .............................................................................................. 83
ECONOMIC PROPOSITION..................................................................................................................... 84
TAXATION .............................................................................................................................................. 86
SELLING RESTRICTIONS ......................................................................................................................... 97
GENERAL INFORMATION .................................................................................................................... 100

Important Notices
IMPORTANT NOTICES
Responsibility statement
The Issuer accepts responsibility for the information contained in this document. To the best of the
knowledge of the Issuer, having taken all reasonable care to ensure that such is the case, the
information contained in this document is in accordance with the facts and does not omit anything
likely to affect the import of such information.
The delivery of this document at any time does not imply that any information contained herein is
correct at any time subsequent to the date hereof.
Approval and passporting for the purposes of the Prospectus Directive
This Summary and Securities Note accompanied by the Registration Document has been approved
by the Commission de Surveillance du Secteur Financier (the "CSSF"), as competent authority under
the Prospectus Directive. The CSSF only approves this Summary and Securities Note accompanied
by the Registration Document as meeting the requirements imposed under Luxembourg and EU law
pursuant to the Prospectus Directive. The CSSF gives no undertaking as to the economic and
financial soundness of the Securities and quality or solvency of the Issuer in accordance with article 7
(7) of the Luxembourg Law on prospectuses for securities.
The Issuer has requested the CSSF to provide the competent authority for the purposes of the
Prospectus Directive in Belgium with a certificate of approval in accordance with Article 18 of the
Prospectus Directive attesting that this document has been drawn up in accordance with the
Prospectus Directive.
This Summary and Securities Note will be published on the website of the Luxembourg Stock
Exchange (www.bourse.lu).
No Investment Advice
Prospective investors should have regard to the factors described under the section headed "Risk
Factors" in this document and the "Risk Factors" described in 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 this document. This document cannot disclose whether the
Securities are a suitable investment in relation to any investor's particular circumstances; therefore
investors may wish to consult their own financial, tax, legal or other advisers as they consider
appropriate and carefully review and consider such an investment decision in the light of the
information set forth in this document.
Listing
Application has been made to the Luxembourg Stock Exchange for the Securities to be listed on the
Official List of the Luxembourg Stock Exchange and admitted to trading on the regulated market of
3

Important Notices
the Luxembourg Stock Exchange. No assurances can be given that such application for listing and
admission to trading will be granted.
Interest Amounts are contingent on the performance of the Asset
The Interest Amounts (which may be zero) payable under the Securities are contingent amounts that
will depend on the value of the Asset on each of the specified Observation Dates and a participation
factor that adjusts downwards over time. The reduction in the participation factor will mean that an
investor will have less exposure to any positive performance of the Asset on each successive
Observation Date and may therefore receive lower Interest Amounts (if any). As a comparison is
made between the value of the Asset on the relevant Observation Date and the value of the Asset on
the Initial Valuation Date, investors will only participate in the positive return of the Asset on the
relevant Observation Date that is greater than the Asset's value on the Initial Valuation Date.
The formula used to calculate the Interest Amount payable in respect of a Security may be
summarised as the product of (i) the Specified Denomination, (ii) the Participation and (iii) the ratio of
(a) the positive performance of the Asset from the Initial Valuation Date to the relevant Observation
Date, to (b) the number of years from the Initial Valuation Date to the relevant Observation Date
(being the "N(t)").
If the Official Net Asset Value of the Asset on an Observation Date is:
(i)
greater than the Official Net Asset Value of the Asset on the Initial Valuation Date, then an
Interest Amount will be payable on the immediately following Interest Payment Date. If an
Interest Amount is payable, the value of such Interest Amount is a function of (a) the number
of years from the Initial Valuation Date to the relevant Observation Date (i.e., the N(t)) (and
the value of such Interest Amount is reduced in proportion to such period) and (b) the amount
by which the Official Net Asset Value of the Asset on such Observation Date exceeds the
Official Net Asset Value of the Asset on the Initial Valuation Date (not the amount by which
the Official Net Asset Value of the Asset on such Observation Date exceeds the Official Net
Asset Value of the Asset on the immediately preceding Observation Date). The higher the
Official Net Asset Value on such Observation Date, the higher the Interest Amount that will be
received by the Securityholder on the immediately following Interest Payment Date; or
(ii)
lower than or equal to the Official Net Asset Value of the Asset on the Initial Valuation Date,
then the Securityholder will not receive an Interest Amount on the immediately following
Interest Payment Date.
See risk factor 4(a) (Risks relating to the Interest Amount(s)) for more information.
Potential for Discretionary Determinations by the Issuer or the Calculation Agent under the
Securities
Under the terms and conditions of the Securities, following the occurrence of certain events outside of
its control, the Issuer or the Calculation Agent (as the case may be) may determine in its discretion to
take one of the actions available to it in order to deal with the impact of such event on the Securities
or the Issuer and/or the Hedging Entity, or both. It is possible that any such discretionary
determination by the Issuer or the Calculation Agent could have a material adverse impact on the
value of the Securities.
There are two key broad types of external events which could trigger a discretionary determination to
be made by the Issuer or the Calculation Agent (as the case may be): (a) external events affecting the
4

Important Notices
Asset and (b) external events affecting the Issuer's and/or the Hedging Entity's hedging
arrangements. However, investors should note that, under the terms and conditions of the Securities,
there are other types of events which might trigger a discretionary determination by the Issuer. For
example, if the Issuer's obligations under the Securities or its related hedging arrangements become
or will become illegal, the Issuer may early redeem the Securities.
(a)
External events which affect the Asset: The fundamental investment objective of the
Securities is to allow an investor to gain an economic exposure to the Asset. If the Asset is
materially impacted by an unexpected event for example, the investment objectives,
strategies, restrictions and requirements of the Asset are materially modified or there is a
sub-division, consolidation, reclassification, a distribution or dividend of the shares or units
in the Asset then it may not be possible to achieve the investment objective of the
Securities based on the original terms and conditions of the Securities. There are many
different external events that may impact the Asset.
(b)
External events which affect the Issuer's or the Hedging Entity's hedging arrangements:
The Issuer and/or the Hedging Entity will enter into hedging arrangements in order to
manage the Issuer's exposure in relation to its payment obligations under the Securities
and to enable it to issue the Securities at the relevant price and on the relevant terms. As
the interest amount(s) (if any) payable by the Issuer under the Securities will depend on the
performance of the Asset, the hedging arrangements may comprise holding the Asset
directly, entering into derivative contracts with counterparties to receive a corresponding
economic exposure to the Asset or to hedge the currency or price risk in relation to the
Asset or the Securities. Accordingly, if an external event occurs which negatively impacts
the Issuer's or the Hedging Entity's hedging arrangements, or if there is a material change
in any arrangement between the Hedging Entity and the Asset or the relevant Fund
Manager in relation to the Issuer's hedging arrangements, the Issuer or the Calculation
Agent (as the case may be) has available to it options which it may select in its discretion in
order to deal with the impact of such event.
Broadly, the Issuer or the Calculation Agent (as the case may be) may in its discretion determine that
one of the following options shall apply following the occurrence of an external event described
above:
(a)
Adjustments to the variables used to calculate the return under the Securities: The Issuer or
the Calculation Agent (as the case may be) has discretion to make adjustments to the Early
Redemption Amount, if applicable, or any Interest Amount and any determination,
estimation or calculation used to calculate such amount to account for the economic effect
of the external event on the Securities. This could result in a reduced return on the
Securities than would otherwise be received.
(b)
Substitution of the Asset: Following an "Asset Substitution Event" in relation to the Asset,
the Issuer may substitute the original Asset with one or more replacement funds satisfying
the relevant criteria set out in the terms and conditions and/or make adjustments to the
terms and conditions to account for the economic effect of the "Asset Substitution Event"
and/or replacement of the original Asset. Any such substitution and potential adjustment
could have a material adverse impact on the value of the Securities. However, the Issuer is
not required to substitute the original Asset and/or make adjustments to the terms and
conditions and may instead waive the "Asset Substitution Event" or take the action
described in paragraph (c) below.
5

Important Notices
(c)
Payment of the Defeasance Additional Maturity Amount on maturity instead of payments of
Interest Amounts: Following an "Asset Substitution Event", the Issuer may declare that no
further Interest Amounts shall be payable with effect from the Defeasance Date and the
Defeasance Additional Maturity Amount shall be payable on the Maturity Date (for the
avoidance of doubt, together with the Final Redemption Amount). The Defeasance
Additional Maturity Amount (which may be greater than zero or may be zero) will be
determined by the Issuer in its sole discretion and is to be based on, inter alia, a realisable
value of the Securities as at the relevant Defeasance Date, and may be less than the
Interest Amounts otherwise payable under the Securities.
The Issuer or the Calculation Agent (as the case may be) will make any discretionary determinations
strictly in accordance with the terms of the applicable provisions set out in the terms and conditions of
the Securities. In considering whether and how to make such a discretionary determination, the Issuer
or the Calculation Agent (as the case may be) shall act in good faith and in a commercially
reasonable manner. Further, the Issuer or the Calculation Agent (as the case may be) will ensure that
any such determination is made by it in compliance with its applicable regulatory obligations, including
that of achieving fair treatment for Securityholders. Any such determinations will be notified to
Securityholders.
See risk factors 3(f) (The Securities may be redeemed prior to their scheduled maturity), 4(c)
(Consequences of Asset Adjustment Events), 4(d) (Consequences of Asset Disruption Events) and
4(e) (Consequences of Asset Substitution Events) and the section entitled "Economic Proposition" for
more information.
No other information
In connection with the issue and sale of the Securities, no person is authorised to give any information
or to make any representation not contained in the Registration Document, the Summary or the
Securities Note, and neither the Issuer nor the Dealer accepts responsibility for any information or
representation so given that is not contained in the Registration Document, the Summary or the
Securities Note.
Not an offer
The Prospectus does not constitute an offer of Securities, and may not be used for the purposes of an
offer or solicitation by anyone, in any jurisdiction in which such offer or solicitation is not authorised, or
to any person to whom it is unlawful to make such offer or solicitation and no action is being taken to
permit an offering of the Securities or the distribution of the Prospectus in any jurisdiction where any
such action is required except as specified herein.
Restrictions on distribution
The distribution of this document and the offering of the Securities in certain jurisdictions may be
restricted by law. Persons into whose possession the Registration Document, the Summary or the
Securities Note 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 this document and other offering materials relating to the Securities, please refer to the
section headed "Selling Restrictions" of this document.
Important U.S. notice
6

Important Notices
The Securities have not been and will not be registered under the U.S. Securities Act of 1933 (the
"Securities Act"). Subject to certain exemptions, the Securities may not be offered, sold or delivered
within the United States of America or to, or for the account or benefit of, U.S. persons. A further
description of the restrictions on offers and sales of the Securities in the United States or to U.S.
persons is set forth in the section entitled "Selling Restrictions" of this document.
No rating
The Securities have not been rated.
7

Summary
PART ONE
SUMMARY
Summaries are made up of disclosure requirements known as "Elements". These Elements are
numbered in sections A E (A.1 E.7).
This summary contains all the Elements required to be included in a summary for this type of
securities and issuer. Because some Elements are not required to be addressed, there may be gaps
in the numbering sequence of the Elements.
Even though an Element may be required to be inserted in the summary because of the type of
securities and issuer, it is possible that no relevant information can be given regarding the Element. In
this case a short description of the Element is included in the summary with the mention of "not
applicable".
Section A Introduction and Warnings
A.1
Introduction and
This Summary should be read as an introduction to this document.
Warnings:
Any decision to invest in Securities should be based on consideration
of the Prospectus as a whole by the investor.
Where a claim relating to the information contained in this document
is brought before a court, the plaintiff investor might, under the
national legislation of the relevant Member State, have to bear the
costs of translating this document before the legal proceedings are
initiated.
Civil liability only attaches to those persons who have tabled the
summary including any translation thereof, but only if the summary is
misleading, inaccurate or inconsistent when read together with the
other parts of the this document or it does not provide, when read
together with the other parts of this document, key information in
order to aid investors when considering whether to invest in the
Securities.
A.2
Consent(s):
Where the Securities are to be the subject of an offer to the public
requiring the prior publication of a prospectus under the Prospectus
Directive (a "Non-exempt Offer"), the Issuer consents to the use of
this document by the financial intermediary/ies ("Authorised
Offeror(s)" or "Distributor(s)"), during the offer period and subject
to the conditions, as provided as follows:
(a) Name and address of
Deutsche Bank Brussels Branch
Authorised Offeror(s):
Avenue Marnix 17, 1000 Brussels,
Belgium
(b) Offer period for which From, and including 18 June 2014
use of the Prospectus is to, and including, 5:00 p.m., Central
authorised
by
the European Time on 25 July 2014
Authorised Offeror(s):
8

Summary
(c) Conditions to the use of The Prospectus may only be used
the Prospectus by the by the Authorised Offeror(s) to
Authorised Offeror(s):
make offerings of the Securities in
the Kingdom of Belgium

If you intend to purchase Securities from an Authorised Offeror,
you will do so, and such offer and sale will be made, in
accordance with any terms and other arrangements in place
between such Authorised Offeror and you, including as to price
and settlement arrangements. The Issuer will not be a party to
any such arrangements and, accordingly, this document does
not contain such information. The terms and conditions of such
offer should be provided to you by that Authorised Offeror.
Neither the Issuer nor Credit Suisse International as dealer (the
"Dealer") has any responsibility or liability for such information.
Section B Issuer
B.1
Legal
and Credit Suisse AG ("CS"), acting through its London branch.
commercial
name of the
Issuer:
B.2
Domicile
and CS is a Swiss bank and joint stock corporation established under
legal form of Swiss law and operates under Swiss law. Its registered head office is
the
Issuer, located at Paradeplatz 8, CH-8001, Switzerland.
legislation
under
which
the
Issuers
operates
and
country
of
incorporation
of Issuer:
B.4b
Known trends Financial services industry is undergoing a transition period
with respect to
the Issuer and The financial services industry is undergoing a transition period, with
the industries banks seeking to adapt to new regulatory requirements, changing
in
which
it macroeconomic conditions and evolving client needs.
operates:
Investment banking developments
Investment banking has been impacted by a high degree of
macroeconomic uncertainties, political tensions and continuing
regulatory developments. There are also concerns due to the
European sovereign debt crisis and the global economic slowdown.
The Issuer's Group investment banking business has been affected by
subdued corporate and institutional risk appetite, continued low client
activity levels across businesses and high market volatility.
9

Summary
Legal and regulatory developments
Financial institutions across the globe have been under significant
pressure to adapt their business models as legal requirements
became increasingly stringent.
The evolving regulatory framework and significant regulatory
developments have fundamentally changed the business and
competitive landscape of the industry.
One example of significant change affecting the industry is the
phasing-in of higher minimum capital requirements under Basel III
beginning in 2013 in some countries, including Switzerland. Banks
deemed systemically important will be required to hold additional
capital by the beginning of 2019 as part of efforts to prevent another
financial crisis.
Although some of the new regulatory measures require further rule-
making and will be implemented over time, the Issuer expects
increased capital and liquidity requirements and derivatives regulation
to result in reduced risk-taking and increased transparency.
B.5
Description of
CS is a wholly owned subsidiary of Credit Suisse Group AG.
group and
Issuers'
position within
A summary organisation chart is set out below:
the group

Credit Suisse Group AG

100%

Credit Suisse AG

CS has a number of subsidiaries in various jurisdictions, including the
United States and the United Kingdom.
B.9
Profit forecast
Not applicable; no profit forecasts or estimates have been made by the
or estimate
Issuer.
B.10
Qualifications
Not applicable; there were no qualifications in the audit report on
in audit report
historical financial information.
on historical
financial
information
10