Home Alternative Investments Form 424B2 CREDIT SUISSE AG

Form 424B2 CREDIT SUISSE AG

25
0
StreetInsider.com


Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.


The information in this preliminary
pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell these notes, and it
is not soliciting an offer to buy these notes in any jurisdiction where the offer or sale is not permitted.

Subject to completion dated May 24,
2022

Preliminary Pricing Supplement No. J1442
To the Underlying Supplement dated June 18, 2020,

Product Supplement No. JPM–I dated February 4, 2022,
Prospectus Supplement dated June 18, 2020 and 

Prospectus dated June 18, 2020

Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-238458-02

May 24, 2022

 

Structured
Investments

Credit Suisse
$

Knock-Out Notes due June 14, 2023 

Linked to the Performance of the S&P
500® Index

The notes are designed for investors who seek a fixed return at maturity linked to the performance of the S&P 500®
Index. Investors should be willing to forgo interest and dividend payments and, if the Final Level is less than the Knock-Out Level, which
is expected to be 80% of the Initial Level (to be determined on the Pricing Date), be willing to lose up to 100% of their investment.
If the Final Level is equal to or greater than the Knock-Out Level, at maturity investors will receive an amount expected to be at least
$1,107.10 per $1,000 principal amount of notes. Any payment on the notes is subject to our ability to pay our obligations as they become
due.
Senior unsecured obligations of Credit Suisse AG, acting through its London branch, maturing June 14, 2023.
Minimum purchase of $10,000. Minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.
The offering price for the notes is expected to be determined on or about May 27, 2022 (the “Pricing Date”), and the notes
are expected to settle on or about June 2, 2022 (the “Settlement Date”). Delivery of the notes in book-entry form only will
be made through The Depository Trust Company.
The notes will not be listed on any securities exchange.

Key Terms

Issuer: Credit Suisse AG (“Credit Suisse”), acting through its London branch
Underlying: The notes are linked to the performance of the S&P 500® Index. For additional information about the Underlying, see the information set forth under “The Reference Indices—The S&P Dow Jones Indices—The S&P U.S. Indices—The S&P 500® Index” in the accompanying underlying supplement.
Payment at Maturity: At maturity, you will receive a cash payment that will reflect the performance of the Underlying, as follows:
 

·    
If a Knock-Out Event has not occurred, your payment at maturity
per $1,000 principal amount of notes will equal $1,000 plus the product of $1,000 and the Fixed Payment Percentage.

The maximum Payment at Maturity
is expected to be at least $1,107.10 per $1,000 principal amount.
 

·    
If a Knock-Out Event has occurred, your payment at maturity per
$1,000 principal amount of notes will equal $1,000 plus the product of $1,000 and the Underlying Return.

If a Knock-Out Event has occurred, you will lose
some or all of your investment at maturity.
 

Any payment on the notes is subject to our ability to pay our obligations
as they become due.

Investing in the notes involves a number of risks. See “Selected
Risk Considerations” beginning on page 5 of this pricing supplement and “Risk Factors” beginning on page PS-3 of any
accompanying product supplement.

Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of the notes 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. 

  Price to Public(1) Underwriting Discounts and Commissions(2) Proceeds to Issuer
Per note $1,000 $ $
Total $ $ $

(1) Certain fiduciary accounts will pay a purchase price of $990 per
note, and the placement agents with respect to sales made to such accounts will forgo any discounts and commissions.

(2) J.P. Morgan Securities LLC, which we refer to as JPMS LLC, and
JPMorgan Chase Bank, N.A. will act as placement agents for the notes. The placement agents will forgo discounts and commissions for sales
to fiduciary accounts. The total discounts and commissions represent the amount that the placement agents receive from sales to accounts
other than such fiduciary accounts. The placement agents will receive discounts and commissions from Credit Suisse or one of our affiliates
that will not exceed $10 per $1,000 principal amount of notes. For more information, see “Supplemental Plan of Distribution”
in this pricing supplement. 

Credit Suisse currently estimates the value of each $1,000 principal
amount of the notes on the Pricing Date will be between $950 and $990 (as determined by reference to our pricing models and the rate we
are currently paying to borrow funds through issuance of the notes (our “internal funding rate”)), which is less than the
Price to Public listed above. This range of estimated values reflects terms that are not yet fixed. A single estimated value reflecting
final terms will be determined on the Pricing Date. See “Selected Risk Considerations” in this pricing supplement.

The notes 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.
 

J.P.Morgan 

Placement Agent

 

May   , 2022

 

(continued from previous page)

 

Fixed Payment Percentage: Expected to be at least 10.71% (to be determined on the Pricing Date).
Knock-Out Event: A Knock-Out Event occurs if the Final Level is less than the Knock-Out Level.
Knock-Out Level: Expected to be 80% of the Initial Level (to be determined on the Pricing Date).
Underlying Return:

Final Level – Initial Level

Initial Level

Initial Level: The closing level of the Underlying on the Pricing Date. In the event that the closing level of the Underlying is not available on the Pricing Date, the Initial Level will be the closing level of the Underlying on the immediately following trading day on which a closing level is available
Final Level: The arithmetic average of the closing levels of the Underlying on each of the five Valuation Dates.
Valuation Dates: June 5, 2023, June 6, 2023, June 7, 2023, June 8, 2023 and June 9, 2023 (each, a “Valuation Date,” and June 9, 2023, the “Final Valuation Date”), subject to postponement as set forth in any accompanying product supplement under “Description of the Notes—Postponement of calculation dates ” or if any Valuation Date is postponed because it is not a trading day.
Maturity Date: June 14, 2023, subject to postponement as set forth in any accompanying product supplement under “Description of the Notes—Postponement of calculation dates” or if the Final Valuation Date is postponed for any reason. If the Maturity Date is not a business day, the Redemption Amount 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.
Events of Default:

With respect to these notes, the first bullet of the first sentence
of “Description of Debt Securities—Events of Default” in the accompanying prospectus is amended to read in its entirety
as follows:

 

·    
a default in payment of the principal or any premium on any debt security of that series when due, and such default continues for
30 days;

 

CUSIP: 22553PZ51

Additional Terms Specific to the Notes

 

You should read this pricing supplement together with the underlying
supplement dated June 18, 2020, the product supplement dated February 4, 2022, the prospectus supplement dated June 18, 2020 and the prospectus
dated June 18, 2020, relating to our Medium-Term Notes of which these notes 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):

 

 

 

 

In the event the terms of the notes described
in this pricing supplement differ from, or are inconsistent with, the terms described in the underlying supplement, any product supplement,
the 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 notes 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 notes and the owner of any beneficial
interest in the notes, amend the notes 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 any 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 notes 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 notes.

 

You may revoke your offer to purchase the notes at any time prior
to the time at which we accept such offer on the date the notes are priced. We reserve the right to change the terms of, or reject any
offer to purchase the notes prior to their issuance. In the event of any changes to the terms of the notes, 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.

 

Hypothetical Payments at Maturity for Each $1,000
Principal Amount of Notes

 

The following table and examples illustrate the hypothetical Payments
at Maturity for a $1,000 principal amount of notes for a hypothetical range of performance of the Underlying, assuming a Fixed Payment
Percentage of 10.71% and a Knock-Out Level of 80% of the Initial Level. The actual Fixed Payment Percentage and Knock-Out Level will be
determined on the Pricing Date. The hypothetical results set forth below are for illustrative purposes only. The actual payment at maturity
applicable to a purchaser of the notes will be based on the Final Level and on whether a Knock-Out Event occurs. Any payment on the notes
is subject to our ability to pay our obligations as they become due. The numbers appearing in the following table and examples have been
rounded for ease of analysis.

 

Underlying Return

Return on the
Notes

Payment
at Maturity

100% 10.71% $1,107.10
90% 10.71% $1,107.10
80% 10.71% $1,107.10
70% 10.71% $1,107.10
60% 10.71% $1,107.10
50% 10.71% $1,107.10
40% 10.71% $1,107.10
30% 10.71% $1,107.10
20% 10.71% $1,107.10
10% 10.71% $1,107.10
0% 10.71% $1,107.10
−10% 10.71% $1,107.10
−20% 10.71% $1,107.10
−21% −21% $790
−30% −30% $700
−40% −40% $600
−50% −50% $500
−60% −60% $400
−70% −70% $300
−80% −80% $200
−90% −90% $100
−100% −100% $0

Hypothetical Examples of Amounts Payable at Maturity

 

The following examples illustrate how the payment at maturity is calculated.

 

Example 1: The level of the Underlying increases by 60% from the
Initial Level to the Final Level.
Because the Final Level is greater than the Initial Level, the investor receives a payment at maturity
of $1,107.10 per $1,000 principal amount of notes, calculated as follows:

 

Payment at maturity = $1,000 + ($1,000 × the Fixed Payment Percentage)
  = $1,000 + ($1,000 × 10.71%)
  = $1,107.10
     

Regardless of the appreciation of the Underlying, the return
on the notes will not exceed the Fixed Payment Percentage.

 

Example 2: The level of the Underlying decreases by 10%
from the Initial Level to the Final Level.
Because the Final Level has decreased from the Initial Level by 10%, a Knock-Out Event
has not occurred and the investor receives a payment at maturity of $1,107.10 per $1,000 principal amount of notes, calculated as follows:

 

Payment at maturity = $1,000 + ($1,000 × the Fixed Payment Percentage)
  = $1,000 + ($1,000 × 10.71%)
  = $1,107.10
     

Example 3: The level of the Underlying decreases by 60%
from the Initial Level to the Final Level.
Because the Final Level has decreased from the Initial Level by 60%, a Knock-Out Event
has occurred and the investor receives a payment at maturity of $400 per $1,000 principal amount of notes, calculated as follows:

 

Payment at maturity = $1,000 + ($1,000 × Underlying Return)
  = $1,000 + ($1,000 × -60%)
  = $400

Selected Risk Considerations

 

An investment in the notes involves significant risks. This section
describes material risks relating to an investment in the notes. These risks are explained in more detail in the “Risk Factors”
section of any accompanying product supplement.

 

Risks Relating to the Notes Generally

 

YOUR INVESTMENT IN THE NOTES MAY RESULT IN A LOSS — The notes do not guarantee any return of your principal
amount. You could lose up to $1,000 per $1,000 principal amount of notes. If a Knock-Out Event occurs, you will lose 1% of your principal
for each 1% decline in the level of the Underlying from the Initial Level to the Final Level. Any payment on the notes is subject to our
ability to pay our obligations as they become due.

 

REGARDLESS OF THE AMOUNT OF ANY PAYMENT YOU RECEIVE ON THE NOTES, YOUR ACTUAL YIELD MAY BE DIFFERENT IN REAL VALUE TERMS — Inflation
may cause the real value of any payment you receive on the notes to be less at maturity than it is at the time you invest. An investment
in the notes 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.

 

THE NOTES DO NOT PAY INTEREST — We will not pay interest on the notes. You may receive less at maturity than
you could have earned on ordinary interest-bearing debt securities with similar maturities, including other of our debt securities, since
the Payment at Maturity is based on the performance of the Underlying. Because the payment due at maturity may be less than the amount
originally invested in the notes, the return on the notes (the effective yield to maturity) may be negative. Even if it is positive, the
return payable on the notes may not be enough to compensate you for any loss in value due to inflation and other factors relating to the
value of money over time.

 

· THE AVERAGING CONVENTION USED TO CALCULATE THE FINAL LEVEL COULD LIMIT
RETURNS
— Your investment in the notes may not perform as well as an investment in an instrument that measures the point-to-point
performance of the Underlying from the Pricing Date to the Final Valuation Date (subject to the Fixed Payment Percentage). Your ability
to receive a return equal to the Fixed Payment Percentage may be limited by the 5-day-end-of-term averaging used to calculate the Final
Level, especially if there is a significant increase in the closing level of the Underlying on the Final Valuation Date. Accordingly,
you may not receive the benefit of the full appreciation of the Underlying, if any, between the Pricing Date and the Final Valuation Date.

 

· THE PROBABILITY THAT THE FINAL LEVEL WILL BE LESS
THAN THE KNOCK-OUT LEVEL WILL DEPEND ON THE VOLATILITY OF THE UNDERLYING

“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 Pricing Date, the higher the expectation as of the Pricing Date that the Final Level could be less
than the Knock-Out Level, indicating a higher expected risk of loss on the notes. The terms of the notes are set, in part, based on expectations
about the volatility of the Underlying as of the Pricing Date. The volatility of the Underlying can change significantly over the term
of the notes. The level of the Underlying could fall 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.

 

· LIMITED APPRECIATION POTENTIAL — If a Knock-Out Event does
not occur, for each $1,000 principal amount of notes, you will receive at maturity $1,000 plus $1,000 multiplied by the Fixed Payment
Percentage. Accordingly, the maximum Payment at Maturity is $1,000 plus $1,000 multiplied by the Fixed Payment Percentage, regardless
of the appreciation in the level of the Underlying, which may be significant.

 

· THE U.S. FEDERAL TAX CONSEQUENCES OF AN INVESTMENT IN THE NOTES ARE UNCLEAR —
There is no direct legal authority regarding the proper U.S. federal tax treatment of the notes, and we do not plan to request a ruling
from the Internal Revenue Service (the “IRS”). Consequently, significant aspects of the tax treatment of the notes are uncertain,
and the IRS or a court might not agree with the treatment of the notes as prepaid financial contracts that are treated as “open
transactions.” If the IRS were successful in asserting an alternative treatment of the notes, the tax consequences of the ownership
and disposition of the notes, including the timing and character of income recognized by U.S. investors

 

and the withholding tax consequences to non-U.S. investors, might be materially
and adversely affected. Moreover, future legislation, Treasury regulations or IRS guidance could adversely affect the U.S. federal tax
treatment of the notes, possibly retroactively.

 

Risks Relating to the Underlying

 

· NO OWNERSHIP RIGHTS RELATING TO THE UNDERLYING — Your
return on the notes will not reflect the return you would realize if you actually owned the equity securities that comprise the Underlying.
The return on your investment is not the same as the total return you would receive based on a purchase of the equity securities that
comprise the Underlying.

 

· NO DIVIDEND PAYMENTS OR VOTING RIGHTS — As a holder
of the notes, you will not have voting rights or rights to receive cash dividends or other distributions or other rights with respect
to the equity securities that comprise the Underlying.

 

· GOVERNMENT REGULATORY ACTION, INCLUDING LEGISLATIVE ACTS AND EXECUTIVE
ORDERS, COULD RESULT IN MATERIAL CHANGES TO THE UNDERLYING AND COULD NEGATIVELY AFFECT YOUR RETURN ON THE NOTES 
— Government
regulatory action, including legislative acts and executive orders, could materially affect the Underlying. For example, in response to
recent executive orders, stocks of companies that are determined to be linked to the People’s Republic of China military, intelligence
and security apparatus may be delisted from a U.S. exchange, removed as a component in indices or exchange traded funds, or transactions
in, or holdings of, securities with exposure to such stocks may otherwise become prohibited under U.S. law. If government regulatory action
results in such consequences, there may be a material and negative effect on the notes.

 

Risks Relating to the Issuer

 

· THE NOTES ARE SUBJECT TO THE CREDIT RISK OF CREDIT SUISSE — Investors
are dependent on our ability to pay all amounts due on the notes and, therefore, if we were to default on our obligations, you may not
receive any amounts owed to you under the notes. 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 notes prior to maturity.

 

· CREDIT SUISSE IS SUBJECT TO SWISS REGULATION — 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 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 notes and/or the ability of Credit Suisse to make payments thereunder and you may not
receive any amounts owed to you under the notes.

 

Risks Relating to Conflicts of Interest

 

· HEDGING AND TRADING ACTIVITY — We, any dealer or any of our or
their respective affiliates may carry out hedging activities related to the notes, including in instruments related to the Underlying.
We, any dealer or our or their respective affiliates may also trade in instruments related to the Underlying from time to time. Any of
these hedging or trading activities on or prior to the Pricing Date and during the term of the notes could adversely affect our payment
to you at maturity.

 

· POTENTIAL CONFLICTS — We and our affiliates play a variety of
roles in connection with the issuance of the notes, including acting as calculation agent, hedging our obligations under the notes 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 notes. Further, hedging activities may adversely affect any payment on or the value of the notes.
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 notes, which creates an additional incentive to sell the notes to you.

 

 

Risks Relating to the Estimated Value and Secondary
Market Prices of the Notes

 

· UNPREDICTABLE ECONOMIC AND MARKET FACTORS WILL AFFECT THE VALUE OF THE
NOTES
— The payout on the notes can be replicated using a combination of the components described in “The estimated value
of the notes on the Pricing Date may be less than the Price to Public.” Therefore, in addition to the level of the Underlying, the
terms of the notes at issuance and the value of the notes prior to maturity may be influenced by factors that impact the value of fixed
income securities and options in general, such as:

 

the expected and actual volatility of the Underlying;

 

the time to maturity of the notes;

 

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

 

interest and yield rates in the market generally;

 

investors’ expectations with respect to the rate of inflation;

 

geopolitical conditions and economic, financial, political, regulatory, judicial or other events that affect the components included
in the Underlying or markets generally and which may affect the level of the Underlying; and

 

our creditworthiness, including actual or anticipated downgrades in our credit ratings.

 

Some or all of these factors may influence
the price that you will receive if you choose to sell your notes prior to maturity. The impact of any of the factors set forth above may
enhance or offset some or all of any change resulting from another factor or factors.

 

· THE ESTIMATED VALUE OF THE NOTES ON THE PRICING DATE MAY BE LESS THAN THE
PRICE TO PUBLIC
 — The initial estimated value of your notes on the Pricing Date (as determined by reference to our
pricing models and our internal funding rate) may be significantly less than the original Price to Public. The Price to Public of the
notes includes any discounts or commissions as well as transaction costs such as expenses incurred to create, document and market the
notes and the cost of hedging our risks as issuer of the notes 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 notes. These amounts will be retained by Credit Suisse or our affiliates
in connection with our structuring and offering of the notes (except to the extent discounts or commissions are reallowed to other broker-dealers
or any costs are paid to third parties).

On the Pricing Date, we value the components of the notes in accordance with our pricing models. These include a fixed income component
valued using our internal funding rate, and individual option components valued using proprietary pricing models dependent on inputs such
as volatility, correlation, dividend rates, interest rates and other factors, including assumptions about future market events and/or
environments. These inputs may be market-observable or may be based on assumptions made by us in our discretionary judgment. As such,
the payout on the notes can be replicated 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 notes 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 notes, 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 INTEREST
RATE USED IN STRUCTURING THE notes
 — The
internal funding rate we use in structuring securities such as these notes 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 Pricing Date our internal funding rate is lower than our secondary market credit spreads, we expect that the economic terms
of the notes will generally be less favorable to you than they would have been if our secondary market credit spread had been used in
structuring the

 

notes. We will also use our internal funding rate
to determine the price of the notes if we post a bid to repurchase your notes in secondary market transactions. See “—Secondary
Market Prices” below.

 

SECONDARY MARKET PRICES — If Credit Suisse (or an affiliate) bids for your notes 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 notes on the Pricing Date. The estimated value of the notes on the cover
of this pricing supplement does not represent a minimum price at which we would be willing to buy the notes in the secondary market (if
any exists) at any time. The secondary market price of your notes at any time cannot be predicted and will reflect the then-current estimated
value determined by reference to our pricing models, the related inputs and other factors, including our internal funding rate, customary
bid and ask spreads and other transaction costs, changes in market conditions and deterioration or improvement in our creditworthiness.
In circumstances where our internal funding rate is higher than our secondary market credit spreads, our secondary market bid for your
notes could be less favorable than what other dealers might bid because, assuming all else equal, we use the higher internal funding rate
to price the notes and other dealers might use the lower secondary market credit spread to price them. Furthermore, assuming no change
in market conditions from the Pricing Date, the secondary market price of your notes 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 notes 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 notes may
be lower than the price at which we may repurchase the notes from such dealer.

 

We (or an affiliate) may initially post a bid to repurchase
the notes from you at a price that will exceed the then-current estimated value of the notes. That higher price reflects our projected
profit and costs, which may include discounts and commissions 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
three months.

The notes 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 notes to maturity.

 

LACK OF LIQUIDITY — The notes will not be listed on any securities exchange. Credit Suisse (or its affiliates)
intends to offer to purchase the notes 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 notes when you wish to do so. Because other dealers are not likely to make
a secondary market for the notes, the price at which you may be able to trade your notes is likely to depend on the price, if any, at
which Credit Suisse (or its affiliates) is willing to buy the notes. If you have to sell your notes prior to maturity, you may not be
able to do so, or you may have to sell them at a substantial loss.

 

Supplemental Use of
Proceeds and Hedging

 

We intend to use the proceeds of this offering for our general corporate
purposes, which may include the refinancing of existing debt outside Switzerland. Some or all of the proceeds we receive from the sale
of the notes may be used in connection with hedging our obligations under the notes through one or more of our affiliates. Such hedging
or trading activities on or prior to the Pricing Date and during the term of the notes (including on any calculation date, as defined
in any accompanying product supplement) could adversely affect the value of the Underlying and, as a result, could decrease the amount
you may receive on the notes at maturity. For additional information, see “Supplemental Use of Proceeds and Hedging” in any
accompanying product supplement.

Historical Information

 

The following graph sets forth the historical performance of the Underlying
based on the closing levels of the Underlying from January 3, 2017 through May 23, 2022. We obtained the historical information below
from Bloomberg, without independent verification. The price source for determining the Final Level will be the Bloomberg page “SPX
<Index>” or any successor page.

 

The historical levels of the Underlying should not be taken as an indication
of future performance, and no assurance can be given as to the closing level of the Underlying on any of the Valuation Dates. We cannot
give you assurance that the performance of the Underlying will result in the return of any of your initial investment.

 

For additional information about the Underlying, see the information
set forth under “The Reference Indices—The S&P Dow Jones Indices—The S&P U.S. Indices—The S&P 500®
Index” in the accompanying underlying supplement.

 

The closing level of the Underlying on May 23, 2022 was 3973.75.

 

 

United States Federal Tax Considerations

 

This discussion supplements and,
to the extent inconsistent therewith, supersedes the discussion in the accompanying product supplement under “United States Federal
Tax Considerations.”

 

There are no statutory, judicial
or administrative authorities that address the U.S. federal income tax treatment of the notes or instruments that are similar to the notes.
In the opinion of our counsel, Davis Polk & Wardwell LLP, a note should be treated as a prepaid financial contract that is an “open
transaction” for U.S. federal income tax purposes. However, there is uncertainty regarding this treatment. Moreover, our counsel’s
opinion is based on market conditions as of the date of this preliminary pricing supplement and is subject to confirmation on the Pricing
Date.

 

Assuming this treatment of the
notes is respected and subject to the discussion in “United States Federal Tax Considerations” in the accompanying product
supplement, the following U.S. federal income tax consequences should result:

 

· You should not recognize taxable income over the
term of the notes prior to maturity, other than pursuant to a sale or other disposition.

 

· Upon a sale or other disposition (including retirement)
of a note, you should recognize capital gain or loss equal to the difference between the amount realized and your tax basis in the note.
Such gain or loss should be long-term capital gain or loss if you held the note for more than one year.

 

We do not plan to request a ruling
from the IRS regarding the treatment of the notes, and the IRS or a court might not agree with the treatment described herein. In particular,
the IRS could treat the notes as contingent payment debt instruments, in which case the tax consequences of ownership and disposition
of the notes, including the timing and character of income recognized, could be materially and adversely affected. Moreover, the U.S.
Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of “prepaid
forward contracts” and similar financial instruments and have indicated that such transactions may be the subject of future regulations
or other guidance. In addition, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any
legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect
the tax consequences of an investment in the notes, possibly with retroactive effect. You should consult your tax advisor regarding possible
alternative tax treatments of the notes and potential changes in applicable law.

 

Non-U.S. Holders. Subject
to the discussions in the next paragraph and in “United States Federal Tax Considerations—Tax Consequences to Non-U.S. Holders”
and “United States Federal Tax Considerations—FATCA” in the accompanying product supplement, if you are a Non-U.S. Holder
(as defined in the accompanying product supplement) of the notes, you generally should not be subject to U.S. federal withholding or income
tax in respect of any amount paid to you with respect to the notes, provided that (i) income in respect of the notes is not effectively
connected with your conduct of a trade or business in the United States, and (ii) you comply with the applicable certification requirements.

 

As discussed under “United
States Federal Tax Considerations—Tax Consequences to Non-U.S. Holders—Dividend Equivalents under Section 871(m) of the Code”
in the accompanying product supplement, Section 871(m) of the Internal Revenue Code generally imposes a 30% withholding tax on “dividend
equivalents” paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices
that include U.S. equities. Treasury regulations under Section 871(m), as modified by an IRS notice, exclude from their scope financial
instruments issued prior to January 1, 2023 that do not have a “delta” of one with respect to any U.S. equity. Based on the
terms of the notes and representations provided by us as of the date of this preliminary pricing supplement, our counsel is of the opinion
that the notes should not be treated as transactions that have a “delta” of one within the meaning of the regulations with
respect to any U.S. equity and, therefore, should not be subject to withholding tax under Section 871(m). However, the final determination
regarding the treatment of the notes under Section 871(m) will be made as of the Pricing Date for the notes and it is possible that the
notes will be subject to withholding tax under Section 871(m) based on circumstances on that date.

 

A determination that the notes
are not subject to Section 871(m) is not binding on the IRS, and the IRS may disagree with this determination. Moreover, Section 871(m)
is complex and its application may depend on your particular circumstances, including your other transactions. You should consult your
tax advisor regarding the potential application of Section 871(m) to the notes.

 

If withholding tax applies to
the notes, we will not be required to pay any additional amounts with respect to amounts withheld.

 

You should read the section
entitled “United States Federal Tax Considerations” in the accompanying product supplement. The preceding discussion, when
read in combination with that section, constitutes the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal
tax consequences of owning and disposing of the notes.

 

You should also consult your
tax advisor regarding all aspects of the U.S. federal income and estate tax consequences of an investment in the notes and any tax consequences
arising under the laws of any state, local or non-U.S. taxing jurisdiction
.

 

Supplemental Plan of Distribution

 

Under the terms of distributor accession confirmations with JPMS LLC
and JPMorgan Chase Bank, N.A., each dated as of June 18, 2008, JPMS LLC and JPMorgan Chase Bank, N.A. will act as placement agents for
the notes. The placement agents will receive discounts and commissions from Credit Suisse or one of our affiliates that will not exceed
$10 per $1,000 principal amount of notes and will forgo discounts and commissions for sales to fiduciary accounts. For additional information,
see “Underwriting (Conflicts of Interest)” in any accompanying product supplement.

 

We expect to deliver the notes against payment for the notes on the
Settlement Date indicated herein, which may be a date that is greater than two business days following the Pricing Date. Under Rule 15c6-1
of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days,
unless the parties to a trade expressly agree otherwise. Accordingly, if the Settlement Date is more than two business days after the
Pricing Date, purchasers who wish to transact in the notes more than two business days prior to the Settlement Date will be required to
specify alternative settlement arrangements to prevent a failed settlement.

 

 

 

 

 

 

Credit Suisse

 

 

 

 

 

 

 

 

Source link

Previous articleFlying Fish Partners Expands Presence to Alberta and Secures Investment from Alberta Enterprise Corporation
Next articleBipartisan bill enshrining bitcoin, ether as commodities due in June

LEAVE A REPLY

Please enter your comment!
Please enter your name here