Credit Suisse AG 6-K, filed Apr 6, 2023
Credit Suisse AG (GLDI)
About this 6-K
Credit Suisse AG filed this 6-K on April 6, 2023.
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 April, 2023
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. 333-238458-02 of Credit Suisse AG.
Exhibit 99.1: Press release of Credit Suisse AG dated April 6, 2023.
Exhibit 99.2: Press release of Credit Suisse AG dated April 6, 2023.
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: April 6, 2023 | By: | /s/ Michael Heraty | ||
| Name: | Michael Heraty | |||
| Title: | Authorized Officer | |||
| By: | /s/ Ashley MacLean | |||
| Name: | Ashley MacLean | |||
| Title: | Authorized Officer | |||
Exhibit 99.1
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CREDIT SUISSE | |
Eleven Madison Avenue New York, NY 10010 |
Telephone +1 212-325-2000 Fax +1 212-325-7924
| |
|
Media Release
April 6, 2023
|
| Credit Suisse Announces Coupon Payments and Expected Coupon Payments on Credit Suisse X-Links® Exchange Traded Notes (the “ETNs”) |
On April 3, 2023, Credit Suisse announced expected coupon payments for the following ETNs:
| ETN Ticker | ETN Name | Closing Indicative Value on 3/31/23 | Ex-Date | Record Date | Payment Date | Expected Coupon Amount per ETN1 | Coupon Frequency | Expected Current Yield2 |
| USOI | Credit Suisse X-Links® Crude Oil Shares Covered Call ETN | $77.7305 | 4/19/23 | 4/20/23 | 4/25/23 | $0.6024 | Monthly | 34.89%3 |
| GLDI | Credit Suisse X-Links® Gold Shares Covered Call ETN | $148.1813 | 4/19/23 | 4/20/23 | 4/25/23 | $1.6011 | Monthly | 11.44%3 |
| SLVO | Credit Suisse X-Links® Silver Shares Covered Call ETN | $81.5060 | 4/19/23 | 4/20/23 | 4/25/23 | $0.9424 | Monthly | 14.49%3 |
1. On March 13, 2023, the Credit Suisse Nasdaq Gold FLOWSTM 103 Index, the Credit Suisse Nasdaq Silver FLOWSTM 106 Index and the Credit Suisse Nasdaq WTI Crude Oil FLOWSTM 106 Index (the “Indices”) concluded the notional sale of options on GLD shares, SLV shares and USO shares, respectively, with April 2023 expiration. We expect that the notional cash distribution generated by this sale of options will be withdrawn from the Indices on April 17, 2023, subject to adjustment in the event of any market disruption events. Assuming no redemption or acceleration of GLDI, SLVO and USOI, and that the notional cash distribution is withdrawn from the Indices on April 17, 2023, we expect to declare a Coupon Amount for GLDI, SLVO and USOI, respectively, equal to the corresponding Expected Coupon Amount. The Expected Coupon Amount is subject to change upon the occurrence of a disruption event or other unforeseen circumstances.
2. For each ETN, the Expected Current Yield equals the Expected Coupon Amount annualized and divided by the Closing Indicative Value, as discussed in more detail below. The Expected Current Yield, which is based on an ETN’s Expected Coupon Amount and its two most recent coupon payments, is not indicative of future coupon payments, if any, on the ETNs. In particular, future coupon payments on an ETN may differ significantly from its Expected Current Yield, if its Closing Indicative Value fluctuates widely in a volatile market. You are not guaranteed any coupon payment or distribution under the ETNs. Coupon payments for the ETNs (if any) are variable and do not represent fixed, periodic interest payments. The Expected Coupon Amount for any ETN may vary significantly from coupon period to coupon period and may be zero. Accordingly, the Expected Current Yield will change over time, and such change may be significant. Any payment on the ETNs is subject to Credit Suisse’s ability to pay its obligations as they become due. For more information regarding any ETN's coupon payments, please refer to such ETN's pricing supplement.
3. The Expected Current Yield for the ETN equals the sum of (i) the Expected Coupon Amount, plus (ii) the amount of the ETN's two most recent coupon payments, multiplied by four (to annualize such amounts), divided by the Closing Indicative Value, and rounded to two decimal places for ease of analysis. The Expected Current Yield is subject to change upon the occurrence of a disruption event or other unforeseen circumstances.
Press Contact
| Media Release |
| April 6, 2023 Page 2 / 3 |
Andre Rosenblatt, Credit Suisse, andre.rosenblatt@credit-suisse.com
Credit Suisse ETNs
Telephone +1 800 320 1225, ETN.Desk@credit-suisse.com
The ETNs may not be suitable for all investors and should be purchased only by knowledgeable investors who understand the potential consequences of investing in the ETNs. The ETNs are subject to the credit risk of Credit Suisse. You may receive less, and possibly significantly less, than the principal amount of your investment at maturity or upon repurchase or sale. Coupon payments on the ETNs will vary and could be zero. There is no actual portfolio of assets in which any investor in the ETNs has any ownership or other interest. Investors in the ETNs do not have voting rights, distribution rights or other rights with respect to the assets included in the tracked indices. An investment in the ETNs involves significant risks. For further information regarding risks, please see the section entitled “Risk Factors” in the applicable pricing supplement.
Credit Suisse
Credit Suisse is one of the world's leading financial services providers. The bank’s strategy is built on its leading Wealth Management and Swiss Bank franchises, with strong Asset Management as well as Markets capabilities. Credit Suisse seeks to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. The bank employs more than 50,000 people. The registered shares (CSGN) of Credit Suisse Group AG are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
Disclaimer
This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not necessarily a guide to the future. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.
Credit Suisse has filed a registration statement (including a prospectus) with the Securities and Exchange Commission, or SEC, for the offering to which this press release relates. Before you invest, you should read the applicable Pricing Supplement, the Prospectus Supplement dated June 18, 2020 and the Prospectus dated June 18, 2020 that Credit Suisse has filed with the SEC for more complete information about Credit Suisse and this offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov or clicking the hyperlinks below:
USOI:
Pricing Supplement dated February 13, 2023, including the Prospectus Supplement dated June 18, 2020, and Prospectus dated June 18, 2020:
https://notes.credit-suisse.com/api/DocFile/GetProspectus/USOI
GLDI:
Pricing Supplement dated September 27, 2022, including the Prospectus Supplement dated June 18, 2020, and Prospectus dated June 18, 2020:
https://notes.credit-suisse.com/api/DocFile/GetProspectus/GLDI
SLVO:
Pricing Supplement dated September 27, 2022, including the Prospectus Supplement dated June 18, 2020, and Prospectus dated June 18, 2020:
https://notes.credit-suisse.com/api/DocFile/GetProspectus/SLVO
| Media Release |
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Alternatively, Credit Suisse, Credit Suisse Securities (USA) LLC or any agent or any dealer participating in this offering will arrange to send you the applicable pricing supplement, prospectus supplement and prospectus if you so request by calling 1-800-320-1225.
This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change.
X-Links® is a registered trademark of Credit Suisse Securities (USA) LLC.
Copyright © 2023 CREDIT SUISSE GROUP AG and/or its affiliates. All rights reserved.
Exhibit 99.2
| |
CREDIT SUISSE | |
Eleven Madison Avenue New York, NY 10010 |
Telephone +1 212-325-2000 Fax +1 212-325-7924 | |
| Media Release April 6, 2023 |
| Credit Suisse Announces Coupon Amount on its Credit Suisse S&P MLP Index ETN (ticker symbol “MLPO”) |
On April 6, 2023, Credit Suisse declared a Coupon Amount for the Credit Suisse S&P MLP Index ETN (the “ETN”).
| ETN Ticker | ETN Name | Ex-Date | Record Date |
Coupon Payment Date |
Coupon Amount per ETN | Coupon Frequency | Current Yield*† |
| MLPO | Credit Suisse S&P MLP Index ETN | 4/12/23 | 4/13/23 | 4/21/23 | $0.2335 | Quarterly | 7.29% |
* The “Current Yield” equals the current quarterly Coupon Amount, annualized and divided by the Closing Indicative Value of the ETN on March 31, 2023.
† The Current Yield, which is based on the ETN’s Coupon Amount, is not indicative of future quarterly Coupon Amounts, if any, on the ETNs. The quarterly Coupon Amount (if any) is variable and dependent on the most recent distributions of the MLPs included in the index, and such amount does not represent a fixed periodic interest payment. There can be no assurance that the MLPs included in the index will make any distributions in any future period. Any payment on the ETN is subject to Credit Suisse’s ability to pay its obligations as they become due. For more information regarding the ETN's coupon payments, please refer to the ETN's pricing supplement.
Press Contact
Andre Rosenblatt, Credit Suisse, andre.rosenblatt@credit-suisse.com
Credit Suisse ETNs
Telephone +1 800 320 1225, ETN.Desk@credit–suisse.com
The ETNs may not be suitable for all investors and should be purchased only by knowledgeable investors who understand the potential consequences of investing in the ETNs. The ETNs are subject to the credit risk of Credit Suisse. You may receive less, and possibly significantly less, than the principal amount of your investment at maturity or upon repurchase or sale. Investors will not have any partnership interests or other rights in the MLPs included in the index. Coupon Amounts on the ETNs will vary and could be zero. An investment in the ETNs involves significant risks. For further information regarding risks, please see the section entitled “Risk Factors” in the applicable pricing supplement.
Credit Suisse
Credit Suisse is one of the world's leading financial services providers. The bank’s strategy is built on its leading Wealth Management and Swiss Bank franchises, with strong Asset Management as well as Markets capabilities. Credit Suisse seeks to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia
| Media Release |
| April 6, 2023 Page 2 / 2 |
Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. The bank employs more than 50,000 people. The registered shares (CSGN) of Credit Suisse Group AG are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
Disclaimer
This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not necessarily a guide to the future. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.
Credit Suisse has filed a registration statement (including a prospectus) with the Securities and Exchange Commission, or SEC, for the offering to which this press release relates. Before you invest, you should read the applicable Pricing Supplement, the Prospectus Supplement dated June 18, 2020, and the Prospectus dated June 18, 2020 that Credit Suisse has filed with the SEC for more complete information about Credit Suisse and this offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov or clicking the hyperlink below:
Pricing Supplement dated November 9, 2020:
https://www.sec.gov/Archives/edgar/data/1053092/000089109220012081/e11689-424b2.htm
Alternatively, Credit Suisse, Credit Suisse Securities (USA) LLC or any agent or any dealer participating in this offering will arrange to send you the applicable pricing supplement, prospectus supplement and prospectus if you so request by calling 1-800-320-1225.
This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change.
Copyright © 2023 CREDIT SUISSE GROUP AG and/or its affiliates. All rights reserved.