SEC Info - Credit Suisse AG - ‘FWP’ on 1/22/20 re: Credit Suisse AG

Autocallable Securities due January 31, 2024 Linked to the Performance of the

Product Terms

· If a Trigger Event occurs on any Trigger Observation Date, the securities will be automatically redeemed and investors will receive a cash payment equal to the principal amount of securities you hold plus the Automatic Redemption Premium applicable to that Trigger Observation Date. · If the securities are not automatically redeemed and the Final Level of each Underlying is equal to or greater than its Initial Level, investors will receive the principal amount at maturity plus the Contingent Maximum Return. · If the securities are not automatically redeemed, the Final Level of any Underlying is less than its Initial Level and a Knock-In Event has not occurred, investors will receive the principal amount plus the Contingent Minimum Return. · If the securities are not automatically redeemed and a Knock-In Event has occurred, you will be fully exposed to the depreciation of the Lowest Performing Underlying. You could lose your entire investment. · Any payment on the securities is subject to our ability to pay our obligations as they become due.
Issuer*:	Credit Suisse AG ("Credit Suisse"), acting through its London branch
Trade Date:	Expected to be January 24, 2020
Settlement Date:	Expected to be January 31, 2020
Underlyings:	The S&P 500^® Index and the EURO STOXX 50^® Index
Automatic Redemption:	If a Trigger Event occurs on any Trigger Observation Date, the securities will be automatically redeemed and investors will receive a cash payment equal to the principal amount of securities you hold plus the Automatic Redemption Premium applicable to that Trigger Observation Date. Payment will be made in respect of such redemption on the corresponding Automatic Redemption Date, and no further payments on the securities will be made.
Trigger Event:	Occurs if, on any Trigger Observation Date, the closing level of each Underlying on such Trigger Observation Date is equal to or greater than its respective Trigger Level.
Trigger Level**:	For each Underlying, approximately 100% of the Initial Level for such Underlying.

Trigger Observation Dates**	Automatic Redemption Dates**
January 22, 2021	January 29, 2021
January 24, 2022	January 31, 2022
January 24, 2023	January 31, 2023

Contingent Minimum Return**:	Expected to be 10% per annum
Contingent Maximum Return**	Expected to be at least 38% per annum
Automatic Redemption Premium**:	For each $1,000 principal amount of securities you hold: · Expected to be at least $95 if a Trigger Event occurs on the first Trigger Observation Date. · Expected to be at least $190 if a Trigger Event occurs on the second Trigger Observation Date. · Expected to be at least $285 if a Trigger Event occurs on the third Trigger Observation Date.
Knock-In Level**:	For each Underlying, approximately 70% of the Initial Level of such Underlying.
Knock-In Event:	Occurs if the Final Level of any Underlying is less than its Knock-In Level.
Initial Level:	For each Underlying, the closing level of such Underlying on the Trade Date.
Final Level:	For each Underlying, the closing level of such Underlying on the Valuation Date.
Redemption Amount:	Subject to Automatic Redemption, for each $1,000 principal amount of securities, $1,000 x (1 + Security Performance Factor).
Lowest Performing Underlying:	The Underlying with the lowest Underlying Return.
Security Performance Factor:	The Security Performance Factor is expressed as a percentage and is calculated as follows:
	If the Final Level of the Lowest Performing Underlying is equal to or greater than its Initial Level, the Contingent Maximum Return. If the Final Level of the Lowest Performing Underlying is less than its Initial Level and (i) a Knock-In Event has not occurred, the Contingent Minimum Return; or (ii) a Knock-In Event has occurred, the Underlying Return of the Lowest Performing Underlying.
Underlying Return:	For each Underlying, [Final Level-Initial Level/Initial Level]
Valuation Date:	January 24, 2024
Maturity Date:	January 31, 2024
CUSIP:	22551NH82
Fees:	Certain fiduciary accounts may pay a purchase price of at least $976 per $1,000 principal amount of securities. Credit Suisse Securities (USA) LLC and any agent (the “Agents”) may pay varying discounts and commissions of up to $24 per $1,000 principal amount of securities, of which $4 may be paid to certain institutions or service providers on securities not sold to certain fiduciary accounts in consideration for providing education, structuring or other services with respect to the distribution of the securities. CSSU or another broker or dealer will forgo some or all discounts and commissions with respect to the sales of securities into certain fiduciary accounts. The Agent(s) through whom we distribute securities may enter into arrangements with other institutions with respect to the distribution of the securities, and those institutions may share in the commissions, discounts or other compensation received by the Agent(s), may be compensated separately and may also receive commissions from purchasers for whom they may act as agents. In addition, an affiliate of ours will pay referral fees of $4 per $1,000 principal amount of securities. The Agent(s) may re-allow some or all of the discount on the principal amount per security on sales of such securities by other brokers or dealers.

Credit Suisse currently estimates the value of each $1,000 principal amount of the securities on the Trade Date will be between $950 and $980 (as determined by reference to our pricing models and the rate we are currently paying to borrow funds through issuance of the securities (our “internal funding rate”)). This range of estimated values reflects terms that are not yet fixed. A single estimated value reflecting final terms will be determined on the Trade Date.

* As used in this document, references to “we” or “our” are to Credit Suisse AG, as Issuer.

** To be determined on the Trade Date.

Certain Product Characteristics

· For each Underlying, the Knock-In Level will be approximately 70% of its Initial Level**

Hypothetical Returns at Maturity

Underlying Return of the Lowest Performing Underlying	Security Performance Factor	Redemption Amount per $1,000 Principal Amount⁽¹⁾⁽²⁾
60%	38%	$1,380
50%	38%	$1,380
40%	38%	$1,380
30%	38%	$1,380
20%	38%	$1,380
10%	38%	$1,380
0%	38%	$1,380
−10%	10%	$1,100
−20%	10%	$1,100
−30%	10%	$1,100
−31%	−31%	$690
−40%	−40%	$600
−50%	−50%	$500
−60%	−60%	$400

(1)

The hypothetical Redemption Amounts set forth above are for illustrative purposes only and may not be the actual returns applicable to you. The numbers appearing in the table have been rounded for ease of analysis.

(2)

Assumes a Knock-In Level of 70%**, a Contingent Maximum Return of 38%**, a Contingent Minimum Return of 10%**and that the securities have not been automatically redeemed.

Hypothetical Amounts due upon Automatic Redemption

Trigger Observation Date on Which Securities Are Called	Applicable Automatic Redemption Premium	Redemption Amount per $1,000 Principal Amount⁽¹⁾
1^st	$95	$1,095
2^nd	$190	$1,190
3^rd	$285	$1,285

(1) This table illustrates the amount that would be due if a Trigger Event occurs on any Trigger Observation Date, assuming the Automatic Redemption Premiums set forth under “Product Terns—Automatic Redemption Premium” per annum. If a Trigger Event occurs on any Trigger Observation Date, the securities will be automatically redeemed and investors will receive a cash payment equal to the principal amount of securities they hold plus the Automatic Redemption Premium applicable to that Trigger Observation Date. No further payments on the securities will be made.

Certain Product Risks

· Your investment may result in a loss of up to 100% of the principal amount of the securities you hold. If a Knock-In Event has occurred, you will be fully exposed to any depreciation in the Lowest Performing Underlying. Regardless of the amount of any payment you receive on the securities, your actual yield may be different in real value terms.

(See "Additional Risk Considerations" on the next page)

Autocallable Securities due January 31, 2024 Linked to the Performance of the Lowest Performing

The risks set forth in the section entitled “Certain Product Risks” on the preceding page and this section “Additional Risk Considerations” are only intended as summaries of some of the risks relating to an investment in the securities. Prior to investing in the securities, you should, in particular, review the “Certain Product Risks” and “Additional Risk Considerations” sections herein, the “Selected Risk Considerations” section in the preliminary pricing supplement and the “Risk Factors” section in the product supplement, which set forth risks related to an investment in the securities.

You may revoke your offer to purchase the securities at any time prior to the time at which we accept such offer on the date the securities are priced. We reserve the right to change the terms of, or reject any offer to purchase the securities prior to their issuance. In the event of any changes to the terms of the securities, we will notify you and you will be asked to accept such changes in connection with your purchase. You may also choose to reject such changes in which case we may reject your offer to purchase.

This document is a summary of the terms of the securities and factors that you should consider before deciding to invest in the securities. Credit Suisse has filed a registration statement (including preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus) with the Securities and Exchange Commission, or SEC, for the offering to which this offering summary relates. Before you invest, you should read this summary together with the Preliminary Pricing Supplement dated January 22, 2020, Underlying Supplement dated April 19, 2018, Product Supplement No. I–B dated June 30, 2017, Prospectus Supplement dated June 30, 2017 and Prospectus dated June 30, 2017, to understand fully the terms of the securities and other considerations that are important in making a decision about investing in the securities. If the terms described in the applicable preliminary pricing supplement are inconsistent with those described herein, the terms described in the applicable preliminary pricing supplement will control. You may get these documents without cost by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, Credit Suisse, any agent or any dealer participating in this offering will arrange to send you the preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus if you so request by calling toll-free 1 (800) 221-1037.

You may access the underlying supplement, product supplement, prospectus supplement and prospectus on the SEC website at www.sec.gov or by clicking on the hyperlinks to each of the respective documents incorporated by reference in the preliminary pricing supplement.

This ‘FWP’ Filing	Date	Other Filings

	1/31/24
	1/24/24
	1/31/23
	1/24/23
	1/31/22
	1/24/22
	1/29/21
	1/22/21
	1/31/20
	1/30/20
	1/24/20
Filed on:	1/22/20	424B2, 424B3, FWP
	1/6/20	424B2, FWP
	4/19/18	424B2, 424B8, FWP
	6/30/17	424B2, 6-K
		List all Filings

Credit Suisse AG – ‘FWP’ on 1/22/20 re: Credit Suisse AG

On: Wednesday, 1/22/20, at 12:29pm ET · Accession #: 950103-20-893 · File #: 333-218604-02

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Free-Writing Prospectus — Rule 163 / 433 — SA’33
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