Programme for the Issue of Underlying-Linked Securities
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BASE PROSPECTUS DATED 9th JULY 2019 CREDIT SUISSE AG (incorporated with limited liability in Switzerland) “PARTICIPATION-NOTES” Programme for the issue of Underlying-linked Securities This Prospectus This document is a base prospectus (the “Base Prospectus”) for the issuance of securities (the “Securities”) under the Programme for the issue of Underlying-linked Securities (the “Programme”) by Credit Suisse AG (“CS”), acting through its Nassau Branch or its Singapore Branch (the “Issuer”). CS is a wholly owned subsidiary of Credit Suisse Group AG (“CSG”), a global financial services company. This Base Prospectus is prepared for the purposes of Article 5.4 of Directive 2003/71/EC as amended or superseded (the “Prospectus Directive”) and for the purpose of giving information relating to the Issuer which is necessary to enable investors (the “Investors”) to make an informed assessment of the assets and liabilities, financial position, profits, losses and prospects of the Issuer, and of the rights attaching to securities issued under this Base Prospectus. This Base Prospectus is valid for one year and may be supplemented from time to time by the publication of a “Supplement” to reflect any significant new factor, material mistake or inaccuracy relating to information included in this Base Prospectus. It should be read together with (i) any Supplements to it, (ii) any other documents incorporated by reference into it and (iii) in relation to any particular Securities, the Final Terms (as defined below) relating to those Securities. This Base Prospectus replaces the Base Prospectus dated 10th July 2018. This Base Prospectus does not affect any existing securities issued by the Issuer, or any future securities issued by the Issuer under a different prospectus. In respect of any series of Securities, this Base Prospectus will be completed by a final terms document containing economic and other terms specific to that series (“Final Terms”). Securities This Base Prospectus relates to securities (the “Securities”) which: may have any maturity; may bear interest at either a fixed rate or a floating rate; may pay premium on top of the interest payable; may redeem at maturity or, following the occurrence of certain events or the exercise of an early redemption option by either the Issuer or the securityholder (the “Securityholder”) (if such an option is provided for in the Final Terms), beforehand; will redeem at an amount determined by a formula referencing the performance of one or more equity shares or equity indices (the “Reference Underlyings”); or, if provided for in the Final Terms, by the delivery by 1 Issuer to Securityholder of a certain number of certain other specified securities in lieu of such amount; or, if provided for in the relevant Final Terms, at a fixed amount; and may pay distribution amounts linked to certain distributions made by the issuers of Reference Underlyings that are equity shares. Terms and Conditions This Prospectus contains, among other things, the legal terms and conditions relating to the Securities, which include the following: (a) general terms that apply to all Securities (referred to as the “General Terms and Conditions of the Securities”, on pages 109 to 176); and (b) if the Reference Underlying(s) relating to the Securities is/are equity shares (such Securities, “Equity Linked Securities”), terms specific to Equity Linked Securities (referred to as “Schedule 1: Provisions Relating to Equity Linked Securities”, on pages 177 to 191); or (c) if the Reference Underlying relating to the Securities is an equity index (such Securities, “Index Linked Securities”), terms specific to Index Linked Securities (referred to as “Schedule 2: Provisions Relating to Index Linked Securities”, on pages 192 to 199). All the sections of the terms and conditions contained in this Prospectus taken together are referred to as the “Conditions”. Specific details of a series of Securities, such as amounts, dates, rates and the application (or disapplication) of certain base conditions will be set out in the applicable Final Terms for those Securities. Risks Prospective investors should have regard to the factors described under the section headed “Risk Factors” in this Base Prospectus, on pages 33 to 66. This Base Prospectus describes all of the principal and material risks of an investment in the Securities that have been identified by the Issuer. 2 Important Notices IMPORTANT NOTICES The Issuer may issue Securities through its Nassau Branch or its Singapore Branch on the terms set out in this Base Prospectus and in the relevant Final Terms. Investors should be aware that certain tax and regulatory consequences may follow from issuing Securities through either the Nassau Branch or the Singapore Branch, including whether payments on the Securities are subject to withholding tax: see the section headed “Taxation” below. The Nassau Branch is subject to certain Bahamas regulatory requirements and rules, and the Singapore Branch is subject to certain Singapore regulatory requirements and rules, the breach of which, in each case, may result in regulatory sanction and, possibly, investor claims. Investors should be aware that a branch is not a subsidiary and does not comprise a separate legal entity and that, in respect of any Securities issued by CS, obligations under such Securities are those of CS only, and investors’ claims under such Securities are against CS only, notwithstanding the branch through which it will have issued such Securities. Credit Suisse AG, Singapore Branch is licensed as a wholesale bank under the Banking Act, Chapter 19 of Singapore and is subject to restrictions on the acceptance of deposits in Singapore dollars. The Securities do not constitute or evidence a debt repayable by Credit Suisse AG, Singapore Branch on demand to the Securityholders and the value of the Securities, if sold on the secondary market, is subject to market conditions prevailing at the time of the sale. Please refer to the section headed “General Terms and Conditions of the Securities” together with the relevant Final Terms for the terms and conditions under which the Securityholders may recover amounts payable or deliverable to them on the Securities from the Issuer. Approval and passporting for the purposes of the Prospectus Directive Application has been made to the Luxembourg Commission de Surveillance du Secteur Financier (the “CSSF”) in its capacity as the Luxembourg competent authority under the Luxembourg Act dated 10th July 2005 on prospectuses for securities as amended from time to time (the “Luxembourg Prospectus Law”). This Base Prospectus constitutes a base prospectus for the purposes of Article 5.4 of the Prospectus Directive for the purpose of giving information with regard to Securities to be issued by CS. The Issuer has requested the CSSF to provide the competent authority, for the purposes of the Prospectus Directive in Ireland, with a certificate of approval in accordance with Article 18 of the Prospectus Directive attesting that this Base Prospectus has been drawn up in accordance with the Prospectus Directive. The CSSF assumes no responsibility for the economic and financial soundness of the transactions contemplated by this Base Prospectus and the quality or solvency of the Issuer in line with the provisions of Article 7(7) of the Luxembourg Law dated 10th July 2005 on Prospectuses for securities. Listing and admission to trading Securities issued by the Issuer may be (a) listed and admitted to trading on a regulated market(s) for the purposes of the Markets in Financial Instruments Directive (Directive 2014/65/EU) (as amended, “MiFID II”), (b) listed on a market not regulated for such purpose, or (c) not listed on any market, in each case, as shall be specified in the relevant Final Terms. Application has also been made to the Luxembourg Stock Exchange for Securities issued under the Programme to be admitted to trading on the Luxembourg Stock Exchange’s regulated market and to be listed on the Official List of the Luxembourg Stock Exchange. The Luxembourg Stock Exchange’s regulated market is a regulated market for the purposes of MiFID II. There is no assurance that the application to the Luxembourg Stock Exchange for the listing of the Securities will be approved. Admission to the Official List of the Luxembourg Stock Exchange is not to be taken as an indication of the merits of the Issuer or of the merits of investing in any Securities. If any Securities are (a) listed or admitted to trading on a regulated market for the purposes of MiFID II or (b) listed on a market not regulated for such purpose, the Issuer will not be obliged to maintain the listing of the Securities if the Issuer determines, in its sole discretion, that the circumstances, such as a change in listing requirements, render it impracticable to do so. Securities may be issued under the Programme which are not listed or admitted to trading, as the case may be, on the Luxembourg Stock Exchange or any other stock exchange or market or Securities may be issued which are listed or admitted to trading, as the case may be, on such other stock exchange or markets (such as The Irish Stock Exchange plc trading as Euronext Dublin (“Euronext Dublin”)) as the Issuer may decide. IMPORTANT – EUROPEAN ECONOMIC AREA (“EEA”) RETAIL INVESTORS The Securities are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA. For these purposes, a “retail investor” means a person who 3 Important Notices is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive 2002/92/EC, as amended or superseded, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Directive.