6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2020

Commission File Number 001-33434

CREDIT SUISSE AG

(Translation of Registrant’s Name Into English)

Paradeplatz 8, CH-8001 Zurich, Switzerland

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

   Form 20-F  ☒   Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

Explanatory note

This report on Form 6-K contains the exhibits set forth below. This report on Form 6-K and such exhibits are hereby incorporated by reference into Registration Statement No. 333-218604-02 of Credit Suisse AG.

Exhibit 5.1: Opinion of Davis Polk & Wardwell LLP, U.S. counsel to the Company, with respect to the validity of the Notes to be issued from time to time by the Company under the Company’s Medium-Term Notes program and with respect to the validity of the Warrants to be issued from time to time by the Company under the Company’s Warrants program, under New York law;

Exhibit 5.2: Opinion of Homburger AG, Swiss counsel to the Company, with respect to the Notes to be issued from time to time by the Company under the Company’s Medium-Term Notes program, as to certain matters under Swiss law; and

Exhibit 5.3: Opinion of Homburger AG, Swiss counsel to the Company, with respect to the Warrants to be issued from time to time by the Company under the Company’s Warrants program, as to certain matters under Swiss law.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	CREDIT SUISSE AG
Date: May 6, 2020	By:	/s/ Elaine Sam
		Name:	Elaine Sam
		Title:	Authorized Officer
	By:	/s/ Praju Doshi
		Name:	Praju Doshi
		Title:	Authorized Officer

EX-5.1

EXHIBIT 5.1

		New York Northern California Washington DC São Paulo London	Paris Madrid Tokyo Beijing Hong Kong
Davis Polk & Wardwell LLP 450 Lexington Avenue New York, NY 10017	212 450 4000 tel 212 701 5800 fax

May 6, 2020

Credit Suisse AG
Paradeplatz 8
CH 8001 Zurich, Switzerland

Ladies and Gentlemen:

Credit Suisse AG, a corporation organized under the laws of Switzerland (the “Company”), has filed with the Securities and Exchange Commission (the “Commission”) a Registration Statement on Form F-3 (File No. 333-218604-02) (the “Registration Statement”) for the purpose of registering under the Securities Act of 1933, as amended (the “Securities Act”), among other securities, (i) the Company’s Medium-Term Notes (the “Notes”) to be issued from time to time pursuant to the Senior Indenture dated as of March 29, 2007 (as amended and supplemented from time to time and in effect as of the date hereof, the “Indenture”) between the Company and The Bank of New York Mellon (formerly known as The Bank of New York), as trustee (the “Trustee”); and (ii) the Company’s Warrants (the “Warrants” and, together with the Notes, the “Securities”) to be issued from time to time pursuant to the Warrant Agreement dated as of June 18, 2009 (as amended and supplemented from time to time and in effect as of the date hereof, the “Warrant Agreement”) between the Company and The Bank of New York Mellon, as warrant agent (the “Warrant Agent”).

We, as your United States counsel, have examined originals or copies of such documents, corporate records, certificates of public officials and other instruments as we have deemed necessary or advisable for the purpose of rendering this opinion. In rendering the opinion expressed herein, we have, without independent inquiry or investigation, assumed that (i) all documents submitted to us as originals are authentic and complete, (ii) all documents submitted to us as copies conform to authentic, complete originals, (iii) all signatures on all documents that we reviewed are genuine, (iv) all natural persons executing documents had and have the legal capacity to do so, (v) all statements in certificates of public officials and all statements as to factual matters in certificates of officers of the Company that we reviewed were and are accurate and (vi) all representations made by the Company as to matters of fact in the documents that we reviewed were and are accurate.

Based upon the foregoing, we advise you that, in our opinion, when the specific terms of a particular Security have been duly authorized and established in accordance with the Indenture or the Warrant Agreement, as applicable, and such Security has been duly authorized, executed, issued, delivered, and, in the case of the Notes, authenticated by the Trustee, and, in the case of the Warrants, countersigned by the Warrant Agent, in accordance with the Indenture or the

Credit Suisse AG 2 May 6, 2020

Warrant Agreement, as applicable, and the applicable underwriting or other distribution agreement against payment therefor, such Security will constitute valid and binding obligations of the Company, enforceable in accordance with its terms, subject to (i) applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, (ii) possible judicial or regulatory actions giving effect to governmental actions or foreign laws affecting creditors’ rights and (iii) concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that we express no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above.

In connection with the opinion expressed above, we have assumed that, at or prior to the time of the delivery of any such Security, (i) the terms of such Security shall have been duly established under the Indenture or the Warrant Agreement, as applicable, and such Security, and the offer, sale and issuance of such Security shall have been duly authorized by the Company and such authorization shall not have been modified or rescinded; (ii) the Company is, and shall remain, validly existing as a corporation in good standing under the laws of Switzerland; (iii) the Trustee or the Warrant Agent, as applicable, is, and shall remain, validly existing and in good standing under the laws of the jurisdiction of its organization; (iv) the effectiveness of the Registration Statement under the Securities Act and, with respect to the Notes, the qualification of the Indenture under the Trust Indenture Act of 1939, as amended, shall not have been terminated or rescinded; (v) the Indenture or the Warrant Agreement, as applicable, has been duly authorized, executed and delivered by, and is a valid, binding and enforceable agreement of, the Company and the Trustee or the Warrant Agent, as applicable; (vi) the execution and delivery of the Indenture or the Warrant Agreement, as applicable, and such Security by each party thereto, and the performance by each such party of its obligations thereunder, are within its corporate powers, do not and will not contravene, or constitute a default under, its articles of association, articles of incorporation, bylaws or any other constitutive documents and require no action by or in respect of, or filing with, any governmental body, agency or official; (vii) the terms of such Security shall not contravene, or constitute a default under, any provision of applicable law or regulation or any judgment, injunction, order or decree or any agreement or other instrument binding upon such party; and (viii) there shall not have occurred any change in law affecting the validity or enforceability of the Indenture or the Warrant Agreement, as applicable, or the Security. We have also assumed that none of the terms of any Security to be established subsequent to the date hereof, nor the issuance and delivery of such Security, nor the compliance by the Company with the terms of such Security, will violate any applicable law, public policy or regulation or will result in a violation of any provision of any instrument or agreement then binding upon the Company or of any restriction imposed by any court or other governmental body, agency or official having jurisdiction over the Company.

We express no opinion as to (x) provisions in the Indenture that purport to waive objections to venue, claims that a particular jurisdiction is an inconvenient forum or the like, (y) whether a United States federal court would have subject-matter or personal jurisdiction over a controversy arising under the Securities or (z) the effectiveness of any service of process made other than in accordance with applicable law. In addition, we note that, with respect to the Notes, the enforceability in the United States of Section 10.08(c) of the Indenture is subject to the limitations set forth in the United States Foreign Sovereign Immunities Act of 1976.

We express no opinion as to (i) whether a New York State or United States federal court would render or enforce a judgment in a currency other than U.S. Dollars or (ii) the exchange rate that

Credit Suisse AG 3 May 6, 2020

such a court would use in rendering a judgment in U.S. Dollars in respect of an obligation in any other currency.

We are members of the Bar of the State of New York, and the foregoing opinion is limited to the laws of the State of New York, except that we express no opinion as to the application of state securities or Blue Sky laws to the Securities. Insofar as the foregoing opinion involves matters governed by Swiss law, we have relied, without independent inquiry or investigation, on the opinions of Homburger AG, Swiss legal counsel for the Company, dated May 6, 2020, to be filed by the Company with the Commission as exhibits to a Current Report on Form 6-K concurrently with this opinion, and our opinion is subject to the same assumptions, qualifications, and limitations set forth therein.

We hereby consent to the filing of this opinion as an exhibit to a Current Report on Form 6-K filed by the Company with the Commission on the date hereof and its incorporation by reference into the Registration Statement. In addition, if a pricing supplement relating to the offer and sale of any particular Security or Securities is prepared and filed by the Company with the Commission on this date or a future date and the pricing supplement contains a reference to us and our opinion substantially in the form set forth below, this consent shall apply to the reference to us and our opinion in substantially such form:

“In the opinion of Davis Polk & Wardwell LLP, as United States counsel to The Company, when the securities offered by this pricing supplement have been executed and issued by The Company and [authenticated by the trustee] [countersigned by the warrant agent] pursuant to the [indenture] [warrant agreement], and delivered against payment therefor, such securities will be valid and binding obligations of The Company, enforceable in accordance with their terms, subject to (i) applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, (ii) possible judicial or regulatory actions giving effect to governmental actions or foreign laws affecting creditors’ rights and (iii) concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of the date of this pricing supplement and is limited to the laws of the State of New York, except that such counsel expresses no opinion as to the application of state securities or Blue Sky laws to the securities. Insofar as this opinion involves matters governed by Swiss law, Davis Polk & Wardwell LLP has relied, without independent inquiry or investigation, on the opinion of Homburger AG, dated May 6, 2020 and filed by the Company as an exhibit to a Current Report on Form 6-K on May 6, 2020. The opinion of Davis Polk & Wardwell LLP is subject to the same assumptions, qualifications and limitations with respect to such matters as are contained in the opinion of Homburger AG. In addition, the opinion of Davis Polk & Wardwell LLP is subject to customary assumptions about the establishment of the terms of the securities, the [trustee’s] [warrant agent’s] authorization, execution and delivery of the [indenture] [warrant agreement] and its [authentication] [countersigning] of the securities, and the validity, binding nature and enforceability of the [indenture] [warrant agreement] with respect to the [trustee] [warrant agent], all as stated in the opinion of Davis Polk & Wardwell LLP dated May 6, 2020, which was filed by the Company as an exhibit to a Current Report on Form 6-K on May 6, 2020. [This opinion is also subject to the discussion, as stated in such opinion, of the enforcement of securities denominated in a

Credit Suisse AG 4 May 6, 2020

foreign currency.] [Davis Polk & Wardwell LLP expresses no opinion as to waivers of objections to venue, the subject matter or personal jurisdiction of a United States federal court or the effectiveness of service of process other than in accordance with applicable law. In addition, such counsel notes that the enforceability in the United States of Section 10.08(c) of the indenture is subject to the limitations set forth in the United States Foreign Sovereign Immunities Act of 1976.]”

In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.

Very truly yours,

/s/ Davis Polk & Wardwell LLP

EX-5.2

EXHIBIT 5.2

To: Credit Suisse AG Paradeplatz 8 P.O. Box 1 8070 Zurich Switzerland	Homburger AG Prime Tower Hardstrasse 201 CH–8005 Zurich T +41 43 222 10 00 F +41 43 222 15 00 lawyers@homburger.ch
May 6, 2020

Credit Suisse AG, acting through its Nassau and London Branches | U.S. Medium-Term Note Program under the Credit Suisse Group AG and Credit Suisse AG U.S. Shelf

Ladies and Gentlemen

We, Homburger AG, have acted as special Swiss counsel to Credit Suisse AG (Credit Suisse), a Swiss bank, in connection with senior medium-term notes (the Notes) to be issued from time to time on or after the date hereof by Credit Suisse, acting through either its Nassau Branch or its London Branch (each, an Issuing Branch), under the Senior Indenture dated as of March 29, 2007 (the Base Indenture), between Credit Suisse and The Bank of New York Mellon, as trustee (in such capacity, the Trustee), as supplemented by the Second Supplemental Indenture dated as of March 25, 2009 (the Supplemental Indenture and, together with the Base Indenture, the Indenture), between Credit Suisse and the Trustee. As such counsel, we have been requested to give our opinion as to certain matters of Swiss law relating to the Notes.

I. Basis of Opinion

This opinion is confined to and given on the basis of the laws of Switzerland in force at the date hereof. Such laws and the interpretation thereof are subject to change. In the absence of explicit statutory law, we base our opinion solely on our independent professional judgment. This opinion is also confined to the matters stated herein and the Documents (as defined below), and is not to be read as extending, by implication or otherwise, to any agreement or other document referred to in any of the Documents (including, in the case of the Prospectus (as defined below), any document incorporated by reference therein or exhibited thereto) or any other matter.

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For purposes of this opinion, we have not conducted any due diligence or similar investigation as to factual circumstances, which are or may be referred to in the Documents, and we express no opinion as to the accuracy of representations and warranties of facts set out in the Documents or the factual background assumed therein.

For purposes of this opinion, we have only reviewed the following documents (collectively, the Documents):

(i) an electronic copy of the executed Distribution Agreement dated May 7, 2007, between Credit Suisse Securities (USA) LLC, as distributor, and Credit Suisse (as amended by Amendment No. 1 dated January 11, 2008, the Distribution Agreement), as supplemented by (A) the Distributor Accession Letter and Confirmation dated June 18, 2008, pursuant to which JPMorgan Chase Bank, National Association and JPMorgan Securities LLC (formerly JPMorgan Securities, Inc.), each acting through JPMorgan Private Bank and JPMorgan Private Client Services, are appointed distributors, (B) the Distributor Accession Letters and Confirmations dated March 23, 2012, pursuant to which Barclays Capital Inc., Citigroup Global Markets Inc. and Incapital LLC are appointed distributors, (C) the Distributor Accession Letter and Confirmation dated May 8, 2012, pursuant to which BofA Securities, Inc. (formerly known as BofAML Securities, Inc.) is appointed distributor, (D) the Distributor Accession Letter and Confirmation dated May 18, 2012, pursuant to which Morgan Stanley & Co. LLC is appointed distributor, (E) the Distributor Accession Letter and Confirmation dated March 12, 2014, pursuant to which UBS Financial Services Inc. is appointed distributor, (F) the Distributor Accession Letter and Confirmation dated March 24, 2014, pursuant to which UBS Securities LLC is appointed distributor, and (G) the Distributor Accession Letter and Confirmation dated August 1, 2016, pursuant to which Wells Fargo Securities LLC is appointed distributor (collectively, the Accession Agreements);

(ii) an electronic copy of the executed Base Indenture;

(iii) an electronic copy of the executed Supplemental Indenture (together with the Distribution Agreement, the Accession Agreements and the Base Indenture, the Transaction Agreements);

(iv) an electronic copy of the prospectus dated June 30, 2017 (the Base Prospectus);

(v) an electronic copy of the prospectus supplement to the Base Prospectus dated June 30, 2017 (the Prospectus Supplement and, together with the Base Prospectus, the Prospectus);

(vi) electronic copies of the pricing supplements (including any underlying supplement and product supplement incorporated therein by reference) (the Existing Representative Pricing Supplements) filed by Credit Suisse with the U.S. Securities and Exchange Commission (the SEC) and listed on Annex A of the Agreement Regarding Exhibit 5 Opinions for Registered Medium-Term Notes and Warrants of Credit Suisse AG entered into as of May 4, 2015, by and among Credit Suisse, Davis Polk & Wardwell LLP (Davis Polk) and Homburger AG (as amended from time to time, the Agreement About Opinions);

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(vii) electronic copies of the underlying supplements filed by Credit Suisse with the SEC and listed on Annex C of the Agreement About Opinions (the Existing Representative Underlying Supplements);

(viii) an electronic copy of the executed Officer's Certificate dated June 30, 2017, issued by Credit Suisse pursuant to Sections 2.02, 10.03 and 10.04 of the Indenture;

(ix) a certified excerpt from the Commercial Register of the Canton of Zurich (the Commercial Register) for Credit Suisse, dated April 28, 2020 (the Excerpt);

(x) a copy of the articles of association (Statuten) of Credit Suisse in their version as of (A) April 19, 2006 (the 2006 Articles), (B) August 26, 2008 (the 2008 Articles), and (C) September 4, 2014 (the 2014 Articles);

(xi) an electronic copy of (A) the Organizational Guidelines and Regulations of Credit Suisse, valid as of January 1, 2006 (the 2006 Regulations), and (B) the Organizational Guidelines and Regulations of Credit Suisse Group AG and Credit Suisse, valid as of (v) March 24, 2009 (the 2009 Regulations), (w) April 28, 2016 (the 2016 Regulations), (x) February 9, 2017 (the 2017 Regulations), (y) April 25, 2019 (the April 2019 Regulations) and (z) December 5, 2019 (the December 2019 Regulations);

(xii) an electronic copy of (A) the GP-00200 Global Policy Funding Authority within Credit Suisse Group and Credit Suisse effective as of (x) January 1, 2007 (the 2007 Funding Authority), and (y) December 17, 2008 (the 2008 Funding Authority), (B) the Global Policy (GP-00200) Funding Authority for Third Party transactions effective as of September 1, 2016 (the 2016 Funding Authority), and (C) the Global Policy (GP-00200) Funding Authority for Third Party transactions effective as of June 4, 2019 (the 2019 Funding Authority);

(xiii) an electronic copy of (A) the memorandum of the Chief Financial Officer of Credit Suisse and Credit Suisse Group AG (CFO) to the members of the Board of Directors of Credit Suisse and Credit Suisse Group AG, dated February 14, 2007 (the February 2007 CFO Approval), (B) the certificate of R. Fassbind, as CFO, dated May 2, 2007 (the May 2007 CFO Approval), (C) the certificate of R. Fassbind, as CFO, dated March 12, 2009 (the 2009 CFO Approval), and (D) the certificate of D. Mathers, as CFO, dated May 26, 2017 (the 2017 CFO Approval and, together with the February 2007 CFO Approval, the May 2007 CFO Approval, and the 2009 CFO Approval, the CFO Approvals);

(xiv) an electronic copy of (A) the power of attorney dated March 26, 2007, issued by R. Fassbind, as CFO, and R. Enderli, as Treasurer of Credit Suisse (Treasurer) (the March 2007 Power of Attorney), (B) the power of attorney dated May 2, 2007, issued by R. Fassbind, as CFO, and R. Enderli, as Treasurer (the May 2007 Power of Attorney), (C) the power of attorney dated March 20, 2008, issued by R. Fassbind, as CFO, and R. Enderli, as Treasurer (the 2008 Power of Attorney), and (D) the power of attorney dated July 19, 2019, issued by D. Mathers, as CFO, and D. Wong, as Treasurer (the 2019 Power of Attorney);

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(xv) an electronic copy of the Structured Notes and Warrants – Business Division Authorizations (Version 16.0), finalized January 21, 2020, which is the list of Senior Business Personnel referred to in the 2019 Funding Authority (the Business Authorizations List); and

(xvi) an electronic copy of the Secretary's Certificate dated May 6, 2020 (including the exhibits thereto, the Secretary's Certificate), executed by two Corporate Secretaries of Credit Suisse.

No documents have been reviewed by us in connection with this opinion other than the Documents. Accordingly, we shall limit our opinion to the Documents and their legal implications under the laws of Switzerland.

In this opinion, Swiss legal concepts are expressed in English terms and not in their original language. These concepts may not be identical to the concepts described by the same English terms as they exist under the laws of other jurisdictions. With respect to Documents governed by laws other than the laws of Switzerland, for purposes of this opinion, we have relied on the plain meaning of the words and expressions contained therein without regard to any import they may have under the relevant governing law.

II. Assumptions

In rendering the opinion below, we have assumed the following:

(a) all documents produced to us as originals are authentic and complete, and all documents produced to us as copies (including, without limitation, fax and electronic copies) conform to the original;

(b) all documents produced to us as originals and the originals of all documents produced to us as copies were duly executed and certified, as applicable, by the individuals purported to have executed or certified, as the case may be, such documents;

(c) except as expressly opined upon herein, all information contained in the Documents is, and all material statements made to us in connection with the Documents are, true and accurate as of the date hereof and as of the issue date for each tranche of Notes as if given or made on such issue date, including, without limitation, the statements set forth in the Secretary's Certificate, including as to the following facts:

(i) the 2014 Articles continue in full force and effect and have not been amended;

(ii) the 2008 Articles were in full force and effect and had not been amended as of the date of the Supplemental Indenture;

(iii) the 2006 Articles were in full force and effect and had not been amended as of the dates of the Base Indenture and the Distribution Agreement;

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(iv) the December 2019 Regulations continue in full force and effect and have not been amended;

(v) the April 2019 Regulations were in full force and effect as of the dates of the 2019 Funding Authority and the 2019 Power of Attorney;

(vi) the 2017 Regulations were in full force and effect and had not been amended as of the date of the 2017 CFO Approval;

(vii) the 2016 Regulations were in full force and effect and had not been amended as of the date of the 2016 Funding Authority;

(viii) the 2009 Regulations were in full force and effect and had not been amended as of the date of the Supplemental Indenture;

(ix) the 2006 Regulations were in full force and effect had not been amended as of the dates of the Base Indenture, the Distribution Agreement, the 2007 Funding Authority, the 2008 Funding Authority, the February 2007 CFO Approval, the March 2007 Power of Attorney, the May 2007 Power of Attorney, the May 2007 CFO Approval, the 2008 Power of Attorney, and the 2009 CFO Approval;

(x) the 2019 Funding Authority, the CFO Approvals, the 2019 Power of Attorney and the Business Authorizations List continue in full force and effect and have not been amended;

(xi) the 2016 Funding Authority was in full force and effect and had not been amended as of the date of the 2017 CFO Approval;

(xii) the 2008 Funding Authority was in full force and effect and had not been amended as of the dates of the Supplemental Indenture and the 2009 CFO Approval;

(xiii) the 2007 Funding Authority was in full force and effect and had not been amended as of the dates of the Base Indenture, the Distribution Agreement, the February 2007 CFO Approval, the March 2007 Power of Attorney, the May 2007 Power of Attorney, the May 2007 CFO Approval and the 2008 Power of Attorney;

(xiv) the 2008 Power of Attorney was in full force and effect and had not been amended as of the date of the Supplemental Indenture;

(xv) the May 2007 Power of Attorney was in full force and effect and had not been amended as of the date of the Distribution Agreement;

(xvi) the March 2007 Power of Attorney was in full force and effect and had not been amended as of the date of the Base Indenture;

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(xvii) the Distribution Agreement has not been amended (other than by the Accession Agreements) and continues in full force and effect;

(xviii) the Excerpt is correct and complete other than with respect to any changes to the signatories registered with the Commercial Register (including, without limitation, the addition or removal of any such signatory) that have occurred since the date of the Excerpt;

(xix) the Base Indenture has not been terminated, rescinded or amended in any way (other than by the Supplemental Indenture, the first supplemental indenture dated as of May 6, 2008, and any other supplements thereto relating to note issuances thereunder that do not constitute Notes) and the Indenture continues in full force and effect; and

(xx) immediately after giving effect to the issuance of Notes, the aggregate issuance amount, as measured by the aggregate offering price, of (i) medium-term notes (including such Notes) issued pursuant to the Prospectus Supplement, including any supplement thereto, will not exceed USD 95 billion and (ii) securities (including such Notes) issued pursuant to the U.S. registration statement on Form F-3 of which the Base Prospectus forms a part, will not exceed USD 95 billion, in each case in accordance with the 2017 CFO Approval;

(d) all Notes constitute business-driven structured debt securities within the meaning of the 2019 Funding Authority;

(e) the Notes will have terms substantially similar to those described in one or more of (x) the Existing Representative Pricing Supplements or (y) any pricing supplement (including the Base Prospectus, the Prospectus Supplement and any underlying supplement and product supplement incorporated therein by reference) that may be listed on Annex A to the Agreement About Opinions from time to time pursuant to an amendment thereof executed by the parties thereto on or before the issue date of the relevant Notes (together with the Existing Representative Pricing Supplements, the Representative Pricing Supplements), except that any or all of the following terms may vary from Note to Note:

(i) amounts payable on the Note, including the formula for determining such amounts;

(ii) provisions relating to optional and automatic early redemption of the Note;

(iii) the pricing date and any measurement, redemption or maturity date of the Note;

(iv) subject to clause (f) below, any security, rate, index and other market measure referenced by the Note; and

(v) the principal amount and issue price of, and any commissions or fees on, the Note; and

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(f) the Notes will not reference any security, rate, index or other market measure unless it is

(i) described in one of (x) the Existing Representative Underlying Supplements or (y) to the extent such supplement is applicable to Notes, any underlying supplement that may be listed on Annex C to the Agreement About Opinions from time to time pursuant to an amendment thereof executed by the parties thereto on or before the issue date of the relevant Notes; or

(ii) described in one of the Representative Pricing Supplements; or

(iii) a security issued by an issuer that has a class of equity securities registered under the U.S. Securities Exchange Act of 1934, as amended, so long as such issuer or such issuer's jurisdiction of incorporation does not appear on any of the United Nations Security Committee's targeted sanction lists or any sanction list issued by the Swiss or U.S. government (collectively, the Sanction Lists); or

(iv) a security issued by an "Investment Company" registered under the Investment Company Act of 1940, as amended (as such term is defined therein), so long as such Investment Company or such Investment Company's jurisdiction of organization does not appear on any Sanction List; or

(v) an index tracking securities traded on established securities markets of any jurisdiction that does not appear on any Sanction List; or

(vi) a commodity or index of commodities included in the universe of eligible components included in the Bloomberg Commodity Index and the S&P GSCI Commodity Indices; or

(vii) a currency exchange rate or index of currency exchange rates; or

(viii) a measure, such as an inflation measure, published by the government of a jurisdiction that does not appear on any Sanction List or an agency of any such government; or

(ix) an interest or swap rate; or

(x) futures or forwards contracts traded on any established futures exchange or over-the-counter market, other than the futures exchanges or over-the-counter markets of any jurisdiction that appears on any Sanction List; or

(xi) any "critical benchmark" or "significant benchmark" as such terms are defined in Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016; or

(xii) an index composed of one or more of the items listed in clauses (i) through (xi) above.

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III. Opinion

Based on the foregoing and subject to the qualifications set out below, we are of the opinion that as of the date hereof:

1. Credit Suisse is a corporation (Aktiengesellschaft) duly incorporated and validly existing under the laws of Switzerland.

2. Credit Suisse has the necessary corporate power and authority to, acting through the relevant Issuing Branch, issue the Notes.

3. With respect to any tranche of Notes to be issued by Credit Suisse, acting through the relevant Issuing Branch, when the terms, issuance and sale of such Notes have been approved by (a) any two persons listed in the 2019 Power of Attorney in the required combination and (b) one of the persons listed in the Business Authorizations List having the authority to authorize such Notes on behalf of such Issuing Branch for retail or institutional issuances, as applicable, such Notes will have been duly authorized by all necessary corporate action by Credit Suisse, provided that at the time of such approval (i) such persons are employees of Credit Suisse or one of its affiliates and (ii) the 2019 Power of Attorney and the Business Authorizations List are in full force and effect.

IV. Qualifications

The above opinions are subject to the following qualifications:

(a) The lawyers of our firm are members of the Zurich bar and do not hold themselves out to be experts in any laws other than the laws of Switzerland. Accordingly, we are opining herein as to Swiss law only and we express no opinion with respect to the applicability or the effect of the laws of any other jurisdiction to or on the matters covered herein.

(b) We express no opinion on the legality, validity or enforceability of any of the provisions of any Transaction Agreement or the Notes or the performance of the obligations assumed by Credit Suisse thereunder.

(c) Further, we express no opinion as to tax matters, regulatory matters or as to any commercial, accounting, calculating, auditing or other non-legal matter.

* * *

We have issued this opinion as of the date hereof and we assume no obligation to advise you of any changes in fact or in law that are made or brought to our attention after the date hereof. This opinion is addressed to you for your benefit, and is not to be relied upon by any other person without our express consent, except that it may be relied upon by initial purchasers of Notes issued during the four month-period commencing on the date of this opinion (such period, the Relevant Period), and by Davis Polk

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for purposes of issuing its opinions to you during the Relevant Period with respect to certain matters of the laws of the State of New York and U.S. federal law pertaining to the Notes.

We hereby consent to the filing of this opinion with the SEC as an exhibit to a report on Form 6-K to be filed by Credit Suisse on the date hereof, and further consent to the reference of our name in (i) any pricing supplement relating to Notes or (ii) an opinion of Davis Polk relating to Notes exhibited to a report on Form 6-K, in each case, to be filed by Credit Suisse with the SEC, provided that (a) the terms of the relevant Notes meet the requirements described in clauses (e) and (f) of Section II, (b) the relevant Notes are issued within the Relevant Period, (c) in the case of a pricing supplement, such pricing supplement has been reviewed by Davis Polk as U.S. counsel to Credit Suisse, (d) Davis Polk has given its consent to be named in such pricing supplement or Form 6-K to which its opinion will be exhibited, as applicable, and (e) such reference is substantially in the form set out in the opinion of Davis Polk to Credit Suisse dated May 6, 2020. In giving such consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended. Save as aforementioned, this opinion may not be transmitted by you to any other person, quoted or referred to in any public document or filed with anyone, in each case, without our express consent.

This opinion shall be governed by and construed in accordance with the laws of Switzerland. We confirm our understanding that all disputes arising out of or in connection with this opinion shall be subject to the exclusive jurisdiction of the courts of the Canton of Zurich, Switzerland, venue being the City of Zurich.

Sincerely yours,
Homburger AG

EX-5.3

EXHIBIT 5.3

To: Credit Suisse AG Paradeplatz 8 P.O. Box 1 8070 Zurich Switzerland	Homburger AG Prime Tower Hardstrasse 201 CH–8005 Zurich T +41 43 222 10 00 F +41 43 222 15 00 lawyers@homburger.ch
May 6, 2020

Credit Suisse AG, acting through its Nassau and London Branches | U.S. Warrant Program under the Credit Suisse Group AG and Credit Suisse AG U.S. Shelf

Ladies and Gentlemen

We, Homburger AG, have acted as special Swiss counsel to Credit Suisse AG (Credit Suisse), a Swiss bank, in connection with warrants (the Warrants) to be issued from time to time on or after the date hereof by Credit Suisse, acting through either its Nassau Branch or its London Branch (each, an Issuing Branch), under the Warrant Agreement dated as of June 18, 2009 (the Warrant Agreement), between Credit Suisse and The Bank of New York Mellon, as warrant agent (in such capacity, the Warrant Agent). As such counsel, we have been requested to give our opinion as to certain matters of Swiss law relating to the Warrants.

I. Basis of Opinion

This opinion is confined to and given on the basis of the laws of Switzerland in force at the date hereof. Such laws and the interpretation thereof are subject to change. In the absence of explicit statutory law, we base our opinion solely on our independent professional judgment. This opinion is also confined to the matters stated herein and the Documents (as defined below), and is not to be read as extending, by implication or otherwise, to any agreement or other document referred to in any of the Documents (including, in the case of the Prospectus (as defined below), any document incorporated by reference therein or exhibited thereto) or any other matter.

For purposes of this opinion, we have not conducted any due diligence or similar investigation as to factual circumstances, which are or may be referred to in the Documents, and we express no opinion as to the accuracy of representations and warranties of facts set out in the Documents or the factual background assumed therein.

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For purposes of this opinion, we have only reviewed the following documents (collectively, the Documents):

(i) an electronic copy of the executed Distribution Agreement dated May 26, 2009, between Credit Suisse Securities (USA) LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as distributors, and Credit Suisse (the Distribution Agreement);

(ii) electronic copies of (A) the executed Distributor Accession Letter dated November 17, 2009, from J.P. Morgan Securities Inc., acting through JPMorgan Private Bank and JPMorgan Private Wealth Management, to Credit Suisse, and the related Distributor Accession Confirmation dated November 17, 2009, from Credit Suisse to (and agreed to and accepted by) J.P. Morgan Securities Inc., acting through JPMorgan Private Bank and JPMorgan Private Wealth Management, (B) the executed Distributor Accession Letter dated November 17, 2009, from JPMorgan Chase Bank, N.A., acting through JPMorgan Private Bank and JPMorgan Private Wealth Management, to Credit Suisse, and the related Distributor Accession Confirmation dated November 17, 2009, from Credit Suisse to (and agreed to and accepted by) JPMorgan Chase Bank, N.A., acting through JPMorgan Private Bank and JPMorgan Private Wealth Management, and (C) the executed Distributor Accession Letter dated August 10, 2012, from Barclays Capital Inc. to Credit Suisse, and the related Distributor Accession Confirmation dated August 10, 2012, from Credit Suisse to (and agreed to and accepted by) Barclays Capital Inc. (collectively, the Accession Agreements);

(iii) an electronic copy of the executed Warrant Agreement (together with the Distribution Agreement and the Accession Agreements, the Transaction Agreements);

(iv) an electronic copy of the prospectus dated June 30, 2017 (the Base Prospectus);

(v) an electronic copy of the prospectus supplement to the Base Prospectus dated June 30, 2017 (the Prospectus Supplement and, together with the Base Prospectus, the Prospectus);

(vi) electronic copies of the pricing supplements (including any underlying supplement and product supplement incorporated therein by reference) (the Existing Representative Pricing Supplements) filed by Credit Suisse with the U.S. Securities and Exchange Commission (the SEC) and listed on Annex B of the Agreement Regarding Exhibit 5 Opinions for Registered Medium-Term Notes and Warrants of Credit Suisse AG entered into as of May 4, 2015, by and among Credit Suisse, Davis Polk & Wardwell LLP (Davis Polk) and Homburger AG (as amended from time to time, the Agreement About Opinions);

(vii) electronic copies of the underlying supplements filed by Credit Suisse with the SEC and listed on Annex C of the Agreement About Opinions to the extent such supplements are applicable to Warrants (the Existing Representative Underlying Supplements);

(viii) electronic copies of the executed Officer's Certificate and Certificate of Authorized Persons, in each case, dated December 19, 2014, and issued pursuant to Sections 1.02, 1.03(b), 1.05(a)(iii) and 6.08 of the Warrant Agreement;

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(ix) a certified excerpt from the Commercial Register of the Canton of Zurich (the Commercial Register) for Credit Suisse, dated April 28, 2020 (the Excerpt);

(x) a copy of the articles of association (Statuten) of Credit Suisse in their version as of (A) August 26, 2008 (the 2008 Articles), and (B) September 4, 2014 (the 2014 Articles);

(xi) an electronic copy of (A) the Organizational Guidelines and Regulations of Credit Suisse, valid as of January 1, 2006 (the 2006 Regulations), and (B) the Organizational Guidelines and Regulations of Credit Suisse Group AG and Credit Suisse, valid as of (v) March 24, 2009 (the 2009 Regulations), (w) April 28, 2016 (the 2016 Regulations), (x) February 9, 2017 (the 2017 Regulations), (y) April 25, 2019 (the April 2019 Regulations) and (z) December 5, 2019 (the December 2019 Regulations);

(xii) an electronic copy of (A) the GP-00200 Global Policy Funding Authority within Credit Suisse Group and Credit Suisse effective as of December 17, 2008 (the 2008 Funding Authority), and (B) the Global Policy (GP-00200) Funding Authority for Third Party transactions effective as of September 1, 2016 (the 2016 Funding Authority), and (C) the Global Policy (GP-00200) Funding Authority for Third Party transactions effective as of June 4, 2019 (the 2019 Funding Authority);

(xiii) an electronic copy of (A) the memorandum to R. Fassbind, as Chief Financial Officer of Credit Suisse (CFO), dated April 3, 2009, and executed by R. Fassbind, as CFO, and R. Enderli, as Treasurer of Credit Suisse (Treasurer), on April 8, 2009 (the Warrant Program Approval), (B) the memorandum to D. Wong, as Treasurer, dated June 22, 2017, and executed by D. Wong, as Treasurer, on June 26, 2017 (the Warrant Program Update Approval), and (C) the certificate of D. Mathers, as CFO, dated May 26, 2017 (the Registration Statement Approval and, together with the Warrant Program Approval and the Warrant Program Update Approval, the Approvals);

(xiv) an electronic copy of (A) the power of attorney dated April 8, 2009, issued by R. Fassbind, as CFO, and R. Enderli, as Treasurer (the 2009 Power of Attorney), and (B) the power of attorney dated July 19, 2019, issued by D. Mathers, as CFO, and D. Wong, as Treasurer (the 2019 Power of Attorney);

(xv) an electronic copy of the Structured Notes and Warrants – Business Division Authorizations (Version 16.0), finalized January 21, 2020, which is the list of Senior Business Personnel referred to in the 2019 Funding Authority (the Business Authorizations List); and

(xvi) an electronic copy of the Secretary's Certificate dated May 6, 2020 (including the exhibits thereto, the Secretary's Certificate), executed by two Corporate Secretaries of Credit Suisse.

No documents have been reviewed by us in connection with this opinion other than the Documents. Accordingly, we shall limit our opinion to the Documents and their legal implications under the laws of Switzerland.

In this opinion, Swiss legal concepts are expressed in English terms and not in their original language.

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These concepts may not be identical to the concepts described by the same English terms as they exist under the laws of other jurisdictions. With respect to Documents governed by laws other than the laws of Switzerland, for purposes of this opinion, we have relied on the plain meaning of the words and expressions contained therein without regard to any import they may have under the relevant governing law.

II. Assumptions

In rendering the opinion below, we have assumed the following:

(a) all documents produced to us as originals are authentic and complete, and all documents produced to us as copies (including, without limitation, fax and electronic copies) conform to the original;

(b) all documents produced to us as originals and the originals of all documents produced to us as copies were duly executed and certified, as applicable, by the individuals purported to have executed or certified, as the case may be, such documents;

(c) except as expressly opined upon herein, all information contained in the Documents is, and all material statements made to us in connection with the Documents are, true and accurate as of the date hereof and as of the issue date for each tranche of Warrants as if given or made on such issue date, including, without limitation, the statements set forth in the Secretary's Certificate, including as to the following facts:

(i) the 2014 Articles continue in full force and effect and have not been amended;

(ii) the 2008 Articles were in full force and effect and had not been amended as of the dates of the Warrant Agreement and the Distribution Agreement;

(iii) the December 2019 Regulations continue in full force and effect and have not been amended;

(iv) the April 2019 Regulations were in full force and effect as of the dates of the 2019 Funding Authority and the 2019 Power of Attorney;

(v) the 2017 Regulations were in full force and effect and had not been amended as of the dates of the Warrant Program Update Approval Update Approval and the Registration Statement Approval;

(vi) the 2016 Regulations were in full force and effect and had not been amended as of the date of the 2016 Funding Authority;

(vii) the 2009 Regulations were in full force and effect and had not been amended as of the dates of the Warrant Agreement, the Distribution Agreement and the Warrant Program Approval;

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(viii) the 2006 Regulations were in full force and effect had not been amended as of the date of the 2008 Funding Authority;

(ix) the 2019 Funding Authority, the Approvals, the 2019 Power of Attorney and the Business Authorizations List continue in full force and effect and have not been amended;

(x) the 2016 Funding Authority was in full force and effect and had not been amended as of the dates of Warrant Program Update Approval and the Registration Statement Approval;

(xi) the 2008 Funding Authority was in full force and effect and had not been amended as of the date of the Warrant Program Approval;

(xii) the 2009 Power of Attorney was in full force and effect and had not been amended as of the dates of the Warrant Agreement and the Distribution Agreement;

(xiii) the Distribution Agreement continues in full force and effect and has not been amended, other than by the Accession Agreements;

(xiv) the Warrant Agreement continues in full force and effect and has not been amended;

(xv) the Excerpt is correct and complete other than with respect to any changes to the signatories registered with the Commercial Register (including, without limitation, the addition or removal of any such signatory) that have occurred since the date of the Excerpt; and

(xvi) immediately after giving effect to the issuance of Warrants, (i) the aggregate notional amount of warrants (including such Warrants) issued under the Warrant Agreement on or after June 28, 2010 will not exceed USD 2 billion, in accordance with the Warrant Program Update Approval, and (ii) the aggregate issuance amount, as measured by the aggregate offering price, of securities (including such Warrants) issued pursuant to the U.S. registration statement on Form F-3 of which the Base Prospectus forms a part, will not exceed USD 95 billion, in accordance with the Registration Statement Approval;

(d) all Warrants constitute business-driven warrants within the meaning of the 2019 Funding Authority;

(e) the Warrants will have terms substantially similar to those described in one or more of (x) the Existing Representative Pricing Supplements or (y) any pricing supplement (including the Base Prospectus, the Prospectus Supplement and any underlying supplement and product supplement incorporated therein by reference) that may be listed on Annex B to the Agreement About Opinions from time to time pursuant to an amendment thereof executed by the parties thereto on or before the issue date of the relevant Warrants (together with the Existing Representative Pricing Supplements, the Representative Pricing Supplements), except that any or all of the following terms may vary from Warrant to Warrant:

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(i) amounts payable on the Warrant, including the formula for determining such amounts;

(ii) provisions relating to optional and automatic early exercise of the Warrant;

(iii) the trade date, the pricing date, the expiration date and any exercise date, redemption date or valuation (or other measurement) date of the Warrant;

(iv) subject to clause (f) below, any security, rate, index and other market measure referenced by the Warrant; and

(v) the notional amount and issue price of, and any commissions or fees on, the Warrant; and;

(f) the Warrants will not reference any security, rate, index or other market measure unless it is

(i) described in one of (x) the Existing Representative Underlying Supplements or (y) to the extent such supplement is applicable to Warrants, any underlying supplement that may be listed on Annex C to the Agreement About Opinions from time to time pursuant to an amendment thereof executed by the parties thereto on or before the issue date of the relevant Warrants; or

(ii) described in one of the Representative Pricing Supplements; or

(iii) a security issued by an issuer that has a class of equity securities registered under the U.S. Securities Exchange Act of 1934, as amended, so long as such issuer or such issuer's jurisdiction of incorporation does not appear on any of the United Nations Security Committee's targeted sanction lists or any sanction list issued by the Swiss or U.S. government (collectively, the Sanction Lists); or

(iv) a security issued by an "Investment Company" registered under the Investment Company Act of 1940, as amended (as such term is defined therein), so long as such Investment Company or such Investment Company's jurisdiction of organization does not appear on any Sanction List; or

(v) an index tracking securities traded on established securities markets of any jurisdiction that does not appear on any Sanction List; or

(vi) a commodity or index of commodities included in the universe of eligible components included in the Bloomberg Commodity Index and the S&P GSCI Commodity Indices; or

(vii) a currency exchange rate or index of currency exchange rates; or

(viii) a measure, such as an inflation measure, published by the government of a jurisdiction that does not appear on any Sanction List or an agency any such government; or

(ix) an interest or swap rate; or

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(x) futures or forwards contracts traded on any established futures exchange or over-the-counter market, other than the futures exchanges or over-the-counter markets of any jurisdiction that appears on any Sanction List; or

(xi) any "critical benchmark" or "significant benchmark" as such terms are defined in Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016; or

(xii) an index composed of one or more of the items listed in clauses (i) through (xi) above.

III. Opinion

Based on the foregoing and subject to the qualifications set out below, we are of the opinion that as of the date hereof:

1. Credit Suisse is a corporation (Aktiengesellschaft) duly incorporated and validly existing under the laws of Switzerland.

2. Credit Suisse has the necessary corporate power and authority to, acting through the relevant Issuing Branch, issue the Warrants.

3. With respect to any tranche of Warrants to be issued by Credit Suisse, acting through the relevant Issuing Branch, when the terms, issuance and sale of such Warrants have been approved by (a) any two persons listed in the 2019 Power of Attorney in the required combination and (b) one of the persons listed in the Business Authorizations List having the authority to authorize such Warrants on behalf of such Issuing Branch for retail or institutional issuances, as applicable, such Warrants will have been duly authorized by all necessary corporate action by Credit Suisse, provided that at the time of such approval (i) such persons are employees of Credit Suisse or one of its affiliates and (ii) the 2019 Power of Attorney and the Business Authorizations List are in full force and effect.

IV. Qualifications

The above opinions are subject to the following qualifications:

(a) The lawyers of our firm are members of the Zurich bar and do not hold themselves out to be experts in any laws other than the laws of Switzerland. Accordingly, we are opining herein as to Swiss law only and we express no opinion with respect to the applicability or the effect of the laws of any other jurisdiction to or on the matters covered herein.

(b) We express no opinion on the legality, validity or enforceability of any of the provisions of any Transaction Agreement or the Warrants or the performance of the obligations assumed by Credit Suisse thereunder.

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(c) Further, we express no opinion as to tax matters, regulatory matters or as to any commercial, accounting, calculating, auditing or other non-legal matter.

* * *

We have issued this opinion as of the date hereof and we assume no obligation to advise you of any changes in fact or in law that are made or brought to our attention after the date hereof. This opinion is addressed to you for your benefit, and is not to be relied upon by any other person without our express consent, except that it may be relied upon by initial purchasers of Warrants issued during the four month-period commencing on the date of this opinion (such period, the Relevant Period), and by Davis Polk purposes of issuing its opinions to you during the Relevant Period with respect to certain matters of the laws of the State of New York and U.S. federal law pertaining to the Warrants.

We hereby consent to the filing of this opinion with the SEC as an exhibit to a report on Form 6-K to be filed by Credit Suisse on the date hereof, and further consent to the reference of our name in (i) any pricing supplement relating to Warrants or (ii) an opinion of Davis Polk relating to Warrants exhibited to a report on Form 6-K, in each case, to be filed by Credit Suisse with the SEC, provided that (a) the terms of the relevant Warrants meet the requirements described in clauses (e) and (f) of Section II, (b) the relevant Warrants are issued within the Relevant Period, (c) in the case of a pricing supplement, such pricing supplement has been reviewed by Davis Polk as U.S. counsel to Credit Suisse, (d) Davis Polk has given its consent to be named in such pricing supplement or Form 6-K to which its opinion will be exhibited, as applicable, and (e) such reference is substantially in the form set out in the opinion of Davis Polk to Credit Suisse dated May 6, 2020. In giving such consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended. Save as aforementioned, this opinion may not be transmitted by you to any other person, quoted or referred to in any public document or filed with anyone, in each case, without our express consent.

This opinion shall be governed by and construed in accordance with the laws of Switzerland. We confirm our understanding that all disputes arising out of or in connection with this opinion shall be subject to the exclusive jurisdiction of the courts of the Canton of Zurich, Switzerland, venue being the City of Zurich.

Sincerely yours,
Homburger AG