Preliminary Pricing Supplement No. J282
To the Underlying Supplement dated March 23, 2012,
Product Supplement No. JPM-III dated March 23, 2012,
Prospectus Supplement dated March 23, 2012 and
Prospectus dated March 23, 2012
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Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-180300-03
August 7, 2012
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Credit Suisse AG
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Structured
Investments
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Credit Suisse
$ Notes due August 28, 2013
Linked to a Weighted Basket of Three Buffered Return Enhanced Components, Consisting of the Dow Jones EURO STOXX 50® Index, the FTSE™ 100 Index and the TOPIX® Index and Related Currencies
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The notes are designed for investors who seek a return at maturity of two times the appreciation of a weighted basket of three buffered return enhanced components, consisting of the Dow Jones EURO STOXX 50® Index (“SX5E”), the FTSE™ 100 Index (“UKX”) and the TOPIX® Index (“TPX”) and their respective currencies relative to the U.S. dollar, each of which is subject to a maximum return, as described below. Investors should be willing to forgo interest and dividend payments and, if one or more of the Basket Components has an Average Composite Return of less than 90%, be willing to lose some or all of their investment. Any payment on the notes is subject to our ability to pay our obligations as they become due.
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Senior unsecured obligations of Credit Suisse AG, acting through its Nassau Branch, maturing August 28, 2013.†
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Minimum purchase of $10,000. Minimum denominations of $1,000 or integral multiples of $1,000 in excess thereof.
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The notes are expected to price on or about August 10, 2012 (the “Pricing Date”) and are expected to settle on or about August 15, 2012 (the “Settlement Date”). Delivery of the notes in book-entry form only will be made through The Depository Trust Company.
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Issuer:
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Credit Suisse AG, acting through its Nassau Branch
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Basket:
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A weighted basket consisting of three buffered return enhanced components (each a “Basket Component,” and together, the “Basket Components”). Each Basket Component includes an international index (each a “Component Underlying,” and together, the “Component Underlyings”) and the spot exchange rate of the related currency (each a “Component Currency,” and together, the “Component Currencies”) against the U.S. dollar, as set forth below.
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Component
Underlying
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Initial Underlying Level
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Component
Currency
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Initial Spot Rate*
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Component
Weighting
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Maximum Return**
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SX5E
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euro (EURUSD)
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55.00%
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19.00%
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UKX
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pound (GBPUSD)
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22.00%
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19.00%
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TPX
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yen (JPYUSD)
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23.00%
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19.00%
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** The actual Maximum Return for each Basket Component will be set on the Pricing Date and will not be less than the applicable percentage set forth in the table above. The maximum payment at maturity, based on the percentages set forth above, is $1,190.00 per $1,000 principal amount of notes.
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Currency of the Issue:
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United States dollars
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Upside Leverage Factor:
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2
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Downside Leverage Factor:
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1.1111
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Buffer Amount:
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10%
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Payment at Maturity:
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The amount you will be entitled to receive at maturity is based on the Basket Return, which in turn is based on the performance of the Basket Components. At maturity, your payment per $1,000 principal amount of notes will be calculated as follows:
$1,000 + ($1,000 x Basket Return)
Any payment on the notes is subject to our ability to pay our obligations as they become due.
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Basket Return:
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The sum of the products of (a) the Component Return of each Basket Component and (b) the Component Weighting of such Basket Component.
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Component Return:
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For each Basket Component, the Component Return for such Basket Component will be calculated as follows:
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Average Composite Return - 1
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Component Return
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is greater than or equal to zero
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(Average Composite Return - 1) x Upside Leverage Factor, subject to the Maximum Return
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is greater than or equal to -10% but less than zero
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zero
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is less than -10%
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((Average Composite Return - 1) + Buffer Amount) x Downside Leverage Factor
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If one or more of the Basket Components has an Average Composite Return of less than 90%, you may lose some and could lose all of your investment at maturity.
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Average Composite Return:
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For each Basket Component, the arithmetic average of the Composite Returns on each of the Valuation Dates for such Basket Component.
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Composite Return:
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The Composite Return for any Basket Component on each Valuation Date will be the product of (a) the Underlying Return for such Basket Component on such Valuation Date and (b) the Currency Return for such Basket Component on such Valuation Date.
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Price to Public(1)
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Fees(2)
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Proceeds to Issuer
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Per note
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$1,000.00
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$
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$
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Total
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$
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$
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$
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August , 2012
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(cover continued on next page)
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Underlying Return:
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For each Component Underlying on each Valuation Date, the performance of such Component Underlying from its Initial Underlying Level to its Final Underlying Level on such Valuation Date, calculated as follows:
Final Underlying Level
Initial Underlying Level
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Initial Underlying Level:*
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For each Component Underlying, the closing level of such Component Underlying on the Pricing Date.
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Final Underlying Level:
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For each Component Underlying on each Valuation Date, the closing level of such Component Underlying on such Valuation Date.
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Currency Return:
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For each Component Currency on each Valuation Date, the performance of such Component Currency from its Initial Spot Rate to its Final Spot Rate on such Valuation Date, calculated as follows:
Final Spot Rate
Initial Spot Rate
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Spot Rate:†
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For each Component Currency on any day, the official MID WM Reuters fixing at 4:00 pm London Time (Bloomberg page WMCO) on such day, as determined by the calculation agent, expressed as the number of U.S. dollars per one unit of such Component Currency.
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Initial Spot Rate:*
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For each Component Currency, the Spot Rate on the Pricing Date.
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Final Spot Rate:
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For each Component Currency on each Valuation Date, the Spot Rate of such Component Currency on such Valuation Date.
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Valuation Dates:††
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August 19, 2013, August 20, 2013, August 21, 2013, August 22, 2013 and August 23, 2013
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Maturity Date:††
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August 28, 2013
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Listing:
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The notes will not be listed on any securities exchange.
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CUSIP:
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22546TXS5
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•
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Underlying supplement dated March 23, 2012:
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•
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Product supplement No. JPM-III dated March 23, 2012:
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•
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Prospectus supplement dated March 23, 2012 and Prospectus dated March 23, 2012:
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Component Underlying
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Dow Jones EURO
STOXX 50 Index
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FTSE 100 Index
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TOPIX Index
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Component Currency
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euro
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pound
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yen
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Component Weighting
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55.00%
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22.00%
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23.00%
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Maximum Return
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19.00%
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19.00%
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19.00%
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Average Composite Return - 1
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15.00%
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15.00%
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15.00%
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Component Return
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19.00%
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19.00%
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19.00%
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Basket Return
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(55.00% x 19.00%) + (22.00% x 19.00%) + (23.00% x 19.00%) = 19.00%
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Payment at Maturity
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$1,190.00
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Basket Return =
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(SX5E Weighting x SX5E Component Return) + (UKX Weighting x UKX Component Return) + (TPX Weighting x TPX Component Return)
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=
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(55.00% x 19.00%) + (22.00% x 19.00%) + (23.00% x 19.00%)
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=
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19.00%
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Payment at Maturity =
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$1,000 + ($1,000 x Basket Return)
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=
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$1,000 + ($1,000 x 19.00%)
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=
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$1,190.00
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Component Underlying
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Dow Jones EURO
STOXX 50 Index
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FTSE 100 Index
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TOPIX Index
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Component Currency
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euro
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pound
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yen
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Component Weighting
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55.00%
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22.00%
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23.00%
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Maximum Return
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19.00%
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19.00%
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19.00%
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Average Composite Return - 1
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15.00%
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5.00%
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5.00%
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Component Return
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19.00%
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10.00%
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10.00%
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Basket Return
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(55.00% x 19.00%) + (22.00% x 10.00%) + (23.00% x 10.00%) = 14.950%
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Payment at Maturity
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$1,149.50
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Basket Return =
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(SX5E Weighting x SX5E Component Return) + (UKX Weighting x UKX Component Return) + (TPX Weighting x TPX Component Return)
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=
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(55.00% x 19.00%) + (22.00% x 10.00%) + (23.00% x 10.00%)
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=
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14.950%
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Payment at Maturity =
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$1,000 + ($1,000 x Basket Return)
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=
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$1,000 + ($1,000 x 14.950%)
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=
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$1,149.50
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Component Underlying
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Dow Jones EURO
STOXX 50 Index
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FTSE 100 Index
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TOPIX Index
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Component Currency
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euro
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pound
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yen
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Component Weighting
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55.00%
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22.00%
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23.00%
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Maximum Return
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19.00%
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19.00%
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19.00%
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Average Composite Return - 1
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21.00%
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21.00%
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21.00%
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Component Return
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19.00%
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19.00%
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19.00%
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Basket Return
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(55.00% x 19.00%) + (22.00% x 19.00%) + (23.00% x 19.00%) = 19.00%
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Payment at Maturity
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$1,190.00
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Basket Return =
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(SX5E Weighting x SX5E Component Return) + (UKX Weighting x UKX Component Return) + (TPX Weighting x TPX Component Return)
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=
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(55.00% x 19.00%) + (22.00% x 19.00%) + (23.00% x 19.00%)
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=
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19.00%
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Payment at Maturity =
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$1,000 + ($1,000 x Basket Return)
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=
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$1,000 + ($1,000 x 19.00%)
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=
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$1,190.00
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Component Underlying
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Dow Jones EURO
STOXX 50 Index
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FTSE 100 Index
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TOPIX Index
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Component Currency
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euro
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pound
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yen
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Component Weighting
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55.00%
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22.00%
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23.00%
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Maximum Return
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19.00%
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19.00%
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19.00%
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Average Composite Return - 1
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21.00%
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-19.00%
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-19.00%
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Component Return
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19.00%
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-10.00%
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-10.00%
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Basket Return
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(55.00% x 19.00%) + (22.00% x -10.00%) + (23.00% x -10.00%) = 5.950%
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Payment at Maturity
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$1,059.50
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Basket Return =
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(SX5E Weighting x SX5E Component Return) + (UKX Weighting x UKX Component Return) + (TPX Weighting x TPX Component Return)
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=
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(55.00% x 19.00%) + (22.00% x -10.00%) + (23.00% x -10.00%)
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=
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5.950%
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Payment at Maturity =
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$1,000 + ($1,000 x Basket Return)
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=
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$1,000 + ($1,000 x 5.950%)
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=
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$1,059.50
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Component Underlying
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Dow Jones EURO
STOXX 50 Index
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FTSE 100 Index
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TOPIX Index
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Component Currency
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euro
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pound
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yen
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Component Weighting
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55.00%
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22.00%
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23.00%
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Maximum Return
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19.00%
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19.00%
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19.00%
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Average Composite Return - 1
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-9.75%
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-9.75%
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-9.75%
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Component Return
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0.00%
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0.00%
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0.00%
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Basket Return
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(55.00% x 0.00%) + (22.00% x 0.00%) + (23.00% x 0.00%) = 0.00%
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Payment at Maturity
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$1,000.00
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Basket Return =
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(SX5E Weighting x SX5E Component Return) + (UKX Weighting x UKX Component Return) + (TPX Weighting x TPX Component Return)
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=
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(55.00% x 0.00%) + (22.00% x 0.00%) + (23.00% x 0.00%)
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=
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0.00%
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Payment at Maturity =
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$1,000 + ($1,000 x Basket Return)
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=
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$1,000 + ($1,000 x 0.00%)
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=
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$1,000.00
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Component Underlying
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Dow Jones EURO
STOXX 50 Index
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FTSE 100 Index
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TOPIX Index
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Component Currency
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euro
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pound
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yen
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Component Weighting
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55.00%
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22.00%
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23.00%
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Maximum Return
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19.00%
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19.00%
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19.00%
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Average Composite Return - 1
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-28.00%
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-37.00%
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-14.50%
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Component Return
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-20.00%
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-30.00%
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-5.00%
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Basket Return
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(55.00% x -20.00%) + (22.00% x -30.00%) + (23.00% x -5.00%) = -18.75%
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Payment at Maturity
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$812.50
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Basket Return =
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(SX5E Weighting x SX5E Component Return) + (UKX Weighting x UKX Component Return) + (TPX Weighting x TPX Component Return)
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=
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(55.00% x -20.00%) + (22.00% x -30.00%) + (23.00% x -5.00%)
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=
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-18.75%
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Payment at Maturity =
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$1,000 + ($1,000 x Basket Return)
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=
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$1,000 + ($1,000 x -18.75%)
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=
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$812.50
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·
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APPRECIATION POTENTIAL — The notes provide the opportunity to enhance returns by multiplying the Average Composite Return minus one for each Basket Component by two, up to the Maximum Return of 19.00% for the SX5E/euro Basket Component, 19.00% for the UKX/pound Basket Component and 19.00% for the TPX/yen Basket Component. The actual Maximum Return for each Basket Component will be set on the Pricing Date and will not be less than the applicable Maximum Return percentage specified in this pricing supplement. Accordingly, the maximum amount payable at maturity is expected to be $1,190.00 for every $1,000 principal amount of notes. Because the notes are our senior unsecured obligations, payment of any amount on the notes is subject to our ability to pay our obligations as they become due.
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LIMITED PROTECTION AGAINST LOSS — Payment at maturity of the principal amount of the notes is protected against a decline of up to 10% in the value of each Basket Component. If the Average Composite Return minus one for any Basket Component is less than -10%, for every 1% that such amount is less than -10%, the Component Return for such Basket Component will be reduced by 1.1111%.
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DIVERSIFICATION AMONG THE BASKET COMPONENTS — The return on the notes is linked to a weighted basket consisting of three buffered return enhanced Basket Components. Each Basket Component is linked to an international index, each of which we refer to as a Component Underlying, and the spot exchange rate of a related currency, each of which we refer to as a Component Currency, against the U.S. dollar. The Component Underlyings are the SX5E, the UKX and the TPX. The SX5E consists of 50 component stocks of market sector leaders from within the Eurozone. Because the Basket Component linked to the SX5E makes up 55.00% of the weighted basket, we expect that generally the market value of your notes and your payment at maturity will depend significantly on the performance of the SX5E and its related currency, the euro. The UKX measures the composite price performance of stocks of the largest 100 companies (determined on the basis of market capitalization) traded on the London Stock Exchange. The TPX consists of all common stocks listed on the First Section of the Tokyo Stock Exchange that have an accumulative length of listing of at least six months. The TPX is a weighted index, the component stocks of which are reviewed and selected every six months, with the market price of each component stock multiplied by the number of shares listed. The notes are in no way sponsored, endorsed, sold or promoted by the sponsors of Component Underlyings and such sponsors will have no liability with respect to the notes. For additional information about each Component Underlying, see the information set forth under “The Reference Indices—The EURO STOXX 50® Index,” “The Reference Indices—The FTSE Indices—The FTSE™ 100 Index” and “The Reference Indices—The Tokyo Stock Price Index” in the accompanying underlying supplement.
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MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS — Please refer to “Material U.S. Federal Income Tax Considerations” in this pricing supplement for a discussion of material U.S. federal income tax considerations for making an investment in the notes.
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YOUR INVESTMENT IN THE NOTES MAY RESULT IN A LOSS — The notes do not guarantee any return of your investment. The return on the notes at maturity is linked to the performance of the Basket Components as reflected by the Basket Return. The Basket Return will be determined based on the Component Returns which in turn depend on the performance of the Component Underlyings and the Component Currencies. If the Average Composite Return minus one is less than -10%, your investment will be fully exposed on a leveraged basis to the decline in the value of such Basket Component. In particular, if any Component Underlying declines in value from its Initial Underlying Level to its Final Underlying Level on any Valuation Date, your returns could be adversely affected. Similarly, if the U.S. dollar appreciates in value against any of the euro, pound or yen such that the Final Spot Rate on any Valuation Date of one or more of the Component Currencies is less than the Initial Spot Rate for such Component Currency, your returns could be adversely affected and you could lose the entire amount of your investment.
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THE NOTES ARE SUBJECT TO THE CREDIT RISK OF CREDIT SUISSE — Although the return on the notes will be based on the performance of the Basket Components, the payment of any amount due on the notes is subject to the credit risk of Credit Suisse. Investors are dependent on our ability to pay all amounts due on the notes, and therefore investors are subject to our credit risk. 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.
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YOUR MAXIMUM GAIN ON THE NOTES IS LIMITED — The Component Return for each Basket Component will not exceed a predetermined percentage, regardless of the appreciation, which may be significant, in the Component Underlying or the Component Currency comprising such Basket Component. We refer to this percentage for each Basket Component as the Maximum Return for such Basket Component, which will be set on the Pricing Date and will not be less than 19.00%, 19.00% and 19.00% for the SX5E/euro Basket Component, the UKX/pound Basket Component and the TPX/yen Basket Component, respectively. Assuming the Maximum Return for each Basket Component is equal to the applicable percentage set forth in the immediately preceding sentence, your payment at maturity will not exceed $1,190.00 for each $1,000 principal amount of notes. Any payment on the notes is subject to our ability to pay our obligations as they become due.
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CHANGES IN THE VALUES OF THE COMPONENT UNDERLYINGS AND THE EXCHANGE RATES OF THE COMPONENT CURRENCIES MAY OFFSET EACH OTHER — Price movements in the Component Underlyings and movements in the exchange rates of the Component Currencies may not correlate with each other. At a time when the value of one or more of the Component Underlyings increases and/or one or more of the Component Currencies appreciates against the U.S. dollar, the value of the other Component Underlyings may not increase as much or may decline and/or one or more of the Component Currencies may not appreciate as much or may weaken against the U.S. dollar. Therefore, in calculating the Basket Return, increases in the value of one or more of the Component Underlyings and/or increases in the value of one or more of the Component Currencies against the U.S. dollar may be moderated, or more than offset, by lesser increases or declines in the value of the other Component Underlyings and/or the value of the other Component Currencies against the U.S. dollar.
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THE NOTES ARE SUBJECT TO CURRENCY EXCHANGE RISK — Foreign currency exchange rates vary over time, and may vary considerably during the term of the notes. If the U.S. dollar strengthens against any of the Component Currencies during the term of the notes, your return will be adversely affected. The relative values of the U.S. dollar and each of the Component Currencies are at any moment a result of the supply and demand for such currencies. Changes in foreign currency exchange rates result over time from the interaction of many factors directly or indirectly affecting economic and political conditions in the country or countries in which such currency is used, and economic and political developments in other relevant countries. Of particular importance to currency exchange risk are:
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existing and expected rates of inflation;
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existing and expected interest rate levels;
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the balance of payments in the United States, the U.K., the European Union and Japan and between each country and its major trading partners; and
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the extent of governmental surplus or deficit in the United States, the U.K., the European Union and Japan.
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CERTAIN BUILT-IN COSTS ARE LIKELY TO ADVERSELY AFFECT THE VALUE OF THE NOTES PRIOR TO MATURITY — While the payment at maturity described in this pricing supplement is based on the full principal amount of your notes, the original issue price of the notes includes the agent’s commission and the cost of hedging our obligations under the notes through one or more of our affiliates. As a result, the price, if any, at which Credit Suisse (or its affiliates), will be willing to purchase notes from you in secondary market transactions, if at all, will likely be lower than the original issue price, and any sale prior to the Maturity Date could result in a substantial loss to you. The notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.
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·
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NO VOTING RIGHTS OR DIVIDEND PAYMENTS — 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 stocks that comprise the Basket Components.
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·
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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 Basket Components. 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 each security 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.
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RISKS ASSOCIATED WITH INVESTMENTS IN SECURITIES LINKED TO THE PERFORMANCE OF FOREIGN EQUITY SECURITIES — Investments in securities linked to the value of foreign equity securities involve risks associated with the securities markets in those countries, including the risk of volatility in those markets, governmental intervention in those markets and cross-shareholdings in companies in certain countries. Foreign companies are subject to accounting, auditing and financial reporting standards and requirements different from those applicable to U.S. reporting companies.
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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.
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POTENTIAL CONFLICTS — We and our affiliates play a variety of roles in connection with the issuance of the notes, including acting as calculation agent and hedging our obligations under the notes. In performing these duties, the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the notes.
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MANY ECONOMIC AND MARKET FACTORS WILL AFFECT THE VALUE OF THE NOTES — In addition to the levels of the Component Underlyings and the exchange rates of the Component Currencies with respect to the U.S. dollar on any day, the value of the notes will be affected by a number of economic and market factors that may either offset or magnify each other, including:
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·
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the expected volatility of the Component Underlyings;
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·
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the time to maturity of the notes;
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the dividend rates on the stocks comprising the Component Underlyings;
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interest and yield rates in the market generally;
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investors’ expectations with respect to the rate of inflation;
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the exchange rate and volatility of the exchanges rates between the U.S. dollar, the euro, the British pound sterling and the Japanese yen;
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geopolitical conditions and a variety of economic, financial, political, regulatory or judicial events that affect the stocks comprising the Component Underlyings or markets generally and which may affect the levels of the Component Underlyings and the Component Currencies; and
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our creditworthiness, including actual or anticipated downgrades in our credit ratings.
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