FWP 1 a08-1259_5fwp.htm FWP

Free Writing Prospectus
Filed Pursuant to Rule 433
Registration No. 333-132936-14
January 10, 2008

 

 

■        Accelerated Return Equity Securities (ARES)®

■        Linked to CS/RT Emerging Infrastructure Index Powered by HOLT™

■        Due February 28, 2013 (5 Yrs.) | 120% Participation

 

 

 

This document is a summary of the terms of the securities and factors that you should consider before deciding to invest in the securities.  Credit Suisse has filed a registration statement (including preliminary pricing supplement, product supplement, prospectus supplement and prospectus) with the Securities and Exchange Commission, or SEC, for the offering to which this offering summary relates. Before you invest, you should read this summary together with the pricing supplement subject to completion dated January 9, 2008, product supplement dated January 9, 2008, prospectus supplement dated May 7, 2007 and prospectus dated March 29, 2007 to understand fully the terms of the securities and other considerations that are important in making a decision about investing in the securities.  You should, in particular, review the “Investment Considerations” section herein and the “Risk Factors” section of the product supplement, which sets forth a number of risks related to the securities.  You may get these documents without cost by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, Credit Suisse, any agent or any dealer participating in this offering will arrange to send you the pricing supplement, prospectus supplement and prospectus if you so request by calling toll-free 1 (800) 221-1037.

 

You may access the preliminary pricing supplement at: http://www.sec.gov/Archives/edgar/data/1053092/000104746908000196/a2181931z424b2.htm

 

 

ARES Linked to CS/RT Emerging Infrastructure Index Powered by HOLT™ - OVERVIEW

The ARES are not principal protected at maturity and offer 120% upside exposure to the CS/RT Emerging Infrastructure Index powered by HOLT. The ARES are issued by Credit Suisse, acting through its Nassau Branch. The Securities will be registered with the Securities and Exchange Commission and will be issued in minimum denominations of $1,000.

 

 

PRODUCT TERMS


  Security Codes

:

CUSIP

ISIN

 

22546EAP9

 

US22546EAP97

 

 

 

 

 

 

 

  Issuer

:

Credit Suisse, acting through its Nassau Branch

 

 

 

  Reference Index (or Index)

:

Index

Bloomberg Ticker

Initial Index Level

Weighting

 

 

CS/RT Emerging Infrastructure
Index powered by HOLT

CSRTEI <INDEX>

[ ]

100%

 

 

 

  Aggregate Amount

:

USD [ ]

 

 

 

  Denomination

:

Minimum initial purchase of U.S. $1,000 and integral multiples of U.S. $1,000 thereafter

 

 

 

  Upside Participation

:

120%

 

 

 

  Downside Participation

:

One-for-one exposure on the downside

 

 

 

  Cap

:

Uncapped

 

 

 

  Initial Index Level

:

Closing level of the Index on the index business day immediately following the Trade Date

 

 

 

  Final Index Level

:

Closing level of the Index on the Valuation Date.

 

Credit Suisse · Structured Retail Products · 11 Madison Ave, NY, NY 10010 · 1-888-537-4898 · structured.notes@credit-suisse.com


 

  Redemption Amount at   Maturity

:

At maturity, the investor will receive an amount in cash equal to the principal amount of the ARES multiplied by the sum of 1 plus the Index Return.  How the Index Return is calculated depends on whether the Final Index Level is greater than, less than or equal to the Initial Index Level.

 

a)                                      If the Final Index Level is greater than the Initial Index Level, the Index Return at maturity is:

 

Upside Participation * [ (Final Index Level – Initial Index Level) ]
                                          Initial Index Level

 

Thus, if the Final Index Level is greater than the Initial Index Level, the Index Return will be a positive number and the redemption amount will be greater than the principal amount of the securities.

 

b)                                     If the Final Index Level is equal to the Initial Index Level, the Index Return at maturity is:

 

 Zero, and the redemption amount will equal the principal amount of the securities.

 

c)                                                 If the Final Index Level is less than the Initial Index Level, then the Index Return at maturity is:

 

(Final Index Level – Initial Index Level)

                     Initial Index Level

 

Thus, if the Final Index Level is less than the Initial Index Level, then the Index Return will be negative, and the redemption amount will be less than the principal amount of your securities, and you could lose up to 100% of the value of your investment in the securities.

 

RELEVANT DATES

 

 

 

 

  Trade Date

 

:

February 22, 2008

 

 

 

 

  Settlement Date

 

:

February 28, 2008

 

 

 

 

  Valuation Date

 

:

February 22, 2013

 

 

 

 

  Maturity Date

 

:

February 28, 2013, subject to postponement if a market disruption event occurs on the Valuation Date

 

 

 

 

 

HYPOTHETICAL REDEMPTION AMOUNTS

The following table illustrates the hypothetical return on the ARES that would be received at maturity for a range of Index Returns.  Hypothetical redemption amounts are for illustration purposes only.

 

GRAPHIC

GRAPHIC

 

Credit Suisse · Structured Retail Products · 11 Madison Ave, NY, NY 10010 · 1-888-537-4898 · structured.notes@credit-suisse.com


 

INDEX DESCRIPTION

 

The CS/RT Emerging Infrastructure Index is comprised of 50 equally-weighted exchange-listed emerging infrastructure-related companies that are chosen according to a rules-based methodology (the HOLT scoring methodology).  The HOLT scoring methodology is not intended to predict the future market or financial performance of any company (either in absolute terms or relative to other companies) nor is the ranking of the companies intended to serve as a qualitative ordering of the companies in the eligible universe.   The daily closing value of the reference index is calculated and published by Standard & Poor’s based on the rules developed by Credit Suisse Securities (Europe) Limited, the index creator.

 

The CS/RT Emerging Infrastructure Index utilizes the Credit Suisse HOLT scoring methodology that attempts to identify stocks that satisfy operational performance, momentum, and valuation characteristics measured objectively by converting a company’s accounting data into cash flows, as measured by Cash Flow Return on Investment (CFROI).  The Valuation category is intended to identify stocks that are attractively valued according to several metrics, including the HOLT discounted cash flow model.  The Operational Performance category is intended to identify companies that display corporate performance characteristics, such as profitability and management skill.  The Momentum category is intended to identify companies that are gaining from positive market sentiment. This process allows comparisons among companies across sectors, regions, and over time.  The HOLT scoring methodology is applied semi-annually in a consistent manner to all stocks in the eligible universe.

 

As of November 14, 2007, the Index had the following Thematic and Regional Exposure:

 

GRAPHIC

 

10 Largest Index Components by Market Capitalization

Company

 

Country

 

Mkt Cap ($B)

 

Sector

 

Index Weight

 

Vodafone Group PLC

 

Britain (UK)

 

209.6

 

Base Infrastructure

 

2%

 

Telefonica SA

 

Spain

 

159.6

 

Base Infrastructure

 

2%

 

Nokia OYJ

 

Finland

 

152.4

 

Base Infrastructure

 

2%

 

Arcelor Mittal

 

Netherlands

 

105.9

 

Base Infrastructure

 

2%

 

Posco

 

South Korea

 

58.0

 

Base Infrastructure

 

2%

 

Caterpillar Inc.

 

United States

 

44.5

 

Agriculture

 

2%

 

Hyundai Heavy Industries

 

South Korea

 

41.6

 

Agriculture

 

2%

 

MTN Group LTD

 

South Africa

 

36.7

 

Base Infrastructure

 

2%

 

Telefonos De Mexico-SP ADR L

 

Mexico

 

33.0

 

Base Infrastructure

 

2%

 

Halliburton Co

 

United States

 

32.6

 

Power & Utilities

 

2%

 

 

The Thematic Exposure classifications are based on Global Industry Classification System (GICS) sub-industry codes.  The information included in the Thematic Exposure, Regional Exposure and 10 Largest Index Components by Market Capitalization is derived from HOLT, Bloomberg Financial Markets and FactSet and is as of November 14, 2007.

 

Credit Suisse · Structured Retail Products · 11 Madison Ave, NY, NY 10010 · 1-888-537-4898 · structured.notes@credit-suisse.com


 

PERFORMANCE SUMMARY

 

 

 

 

GRAPHIC

 

Index Levels through January 4, 2008

 

1 Month

-4.03%

 

 

3 Month

-6.30%

 

 

1 Year (annualized)

46.70%

 

 

3 Year (annualized)

50.19%

 

 

Since Base Date (annualized)

56.55%

 

 

Base Date: November 14, 2002

 

 

We obtained the historical levels of the index from Bloomberg Financial Markets, without independent verification.  You should not take the historical levels of the index as an indication of future performance of the index or securities.  Because the reference index was launched on September 25, 2007, the calculation agent has retrospectively calculated the levels of the reference index on all dates prior to September 25, 2007 using the same methodology as described in the pricing supplement.  All prospective investors should be aware that no actual investment tracking the performance of the reference index was possible at any time prior to September 25, 2007.

 

Investment Considerations

 

A purchase of the security involves risks.  This section summarizes certain additional risks relating to the ARES.  We urge you to read the following information about these risks, together with the information in the pricing supplement subject to completion dated January 9, 2008, product supplement dated January 9, 2008, prospectus supplement dated May 7, 2007 and prospectus dated March 29, 2007 before investing in the ARES.

 

·                  An investment in the ARES is not principal protected.  You may receive less at maturity than you originally invested, or you may receive nothing should the index decline to zero.

·                  The ARES do not pay interest.  Credit Suisse will not pay interest on the ARES.  Even if the payment at maturity exceeds the principal amount of the ARES, 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.

·                  An investment in the ARES is not the same as an investment in the stocks underlying the index.   An investment in the securities does not entitle you to any ownership interest or other rights in the stocks underlying the index.

·                  There may be little or no secondary market for the ARES.  Application has been made to list the ARES on the American Stock Exchange.  The application is currently pending and no assurance can be made that the application will be approved or the securities will be listed.  Regardless of whether or not the securities are listed, we cannot assure you that a secondary market for the securities will develop.  Credit Suisse Securities (USA) LLC currently intends to make a market in the securities, although it is not required to do so and may stop making a market at any time.  If you have to sell your securities prior to maturity, you may have to sell them at a substantial loss.

·                  The market value of the ARES may be influenced by many unpredictable factors.  Many factors, most of which are beyond our control, will influence the value of the ARES and the price at which Credit Suisse Securities (USA) LLC may be willing to purchase or sell the ARES in the secondary market, including:

·                  The current level of the index.

 

·                  The prices of stocks comprising the index.

 

·                  Interest and yield rates in the market.

 

·                  Economic, financial, political and regulatory or judicial events that affect the stocks comprising the index or stock markets generally and that may affect the appreciation of the index.

 

·                  Changes in the volatility of the index.

 

·                  The time remaining to maturity of the ARES.

 

·                  The dividend rate on the stocks comprising the index.

 

·                  Credit Suisse’s creditworthiness.

 

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

 

·                  There may be potential conflicts of interest. We and our affiliates play a variety of roles in connection with the securities, including acting as underwriter, index creator, and calculation agent and hedging our obligations under the securities.  In performing these duties, the economic interests of the calculation agent and other affiliates are potentially adverse to your interests as a security holder.

 

Credit Suisse · Structured Retail Products · 11 Madison Ave, NY, NY 10010 · 1-888-537-4898 · structured.notes@credit-suisse.com