<SEC-DOCUMENT>0001104659-22-092618.txt : 20220818
<SEC-HEADER>0001104659-22-092618.hdr.sgml : 20220818
<ACCEPTANCE-DATETIME>20220818171808
ACCESSION NUMBER:		0001104659-22-092618
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220818
DATE AS OF CHANGE:		20220818

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CREDIT SUISSE AG
		CENTRAL INDEX KEY:			0001053092
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-238458-02
		FILM NUMBER:		221178167

	BUSINESS ADDRESS:	
		STREET 1:		PARADEPLATZ 8
		CITY:			ZURICH
		STATE:			V8
		ZIP:			8001
		BUSINESS PHONE:		01141 44 333 1111

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 1
		CITY:			ZURICH
		STATE:			V8
		ZIP:			8070

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CREDIT SUISSE / /FI
		DATE OF NAME CHANGE:	20050607

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CREDIT SUISSE FIRST BOSTON /                            /FI
		DATE OF NAME CHANGE:	19980115

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CREDIT SUISSE AG
		CENTRAL INDEX KEY:			0001053092
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		PARADEPLATZ 8
		CITY:			ZURICH
		STATE:			V8
		ZIP:			8001
		BUSINESS PHONE:		01141 44 333 1111

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 1
		CITY:			ZURICH
		STATE:			V8
		ZIP:			8070

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CREDIT SUISSE / /FI
		DATE OF NAME CHANGE:	20050607

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CREDIT SUISSE FIRST BOSTON /                            /FI
		DATE OF NAME CHANGE:	19980115
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2223548d3_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><B>Filed Pursuant to Rule 433</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><B>Issuer Free Writing Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><B>Registration Statement No. 333-238458</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><B>August 18, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2223548d3_fwpimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$1,250,000,000</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.750% FIXED RATE SENIOR NOTES DUE 2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRICING TERM SHEET</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Issuer:</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Credit Suisse AG, acting through its New York Branch</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Note Type:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Fixed Rate Senior Notes</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Format:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">SEC Registered</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Expected Issue Ratings</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)</SUP><FONT STYLE="font-size: 10pt">:</FONT></FONT></B></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">A2 (Negative) by Moody&rsquo;s / A (Negative) by S&amp;P / BBB+ (Negative) by Fitch</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Minimum Denomination:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">$250,000 x $1,000</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Trade Date:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">August 18, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Settlement Date</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(2)</SUP><FONT STYLE="font-size: 10pt">:</FONT></FONT></B></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">August 23, 2022 (T+3)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Maturity Date:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">August 9, 2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 28%; text-align: left; padding-bottom: 1pt">Principal Amount:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: center; padding-bottom: 1pt">$1,250,000,000</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Benchmark US Treasury:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">UST 3.000% due July 31, 2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Benchmark US Treasury Yield:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">3.212%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Spread to Benchmark:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">+155bps</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Reoffer Yield:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">4.762%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Coupon:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">4.750%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Public Offering Price:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">99.980%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; vertical-align: top; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Interest Payment Dates:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">February 9 and August 9 of
    each year, beginning on February 9, 2023 (short first interest period) and ending on the Maturity Date</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Day Count:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">30/360</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">CUSIP:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">22550L2J9</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">ISIN:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">US22550L2J94</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Concurrent Debt Offering:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">The Issuer is concurrently
    offering $1,250,000,000 Fixed Rate Senior Notes due 2027</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Sole Bookrunner:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">Credit Suisse Securities (USA) LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Senior Co-Managers:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">ING Financial Markets LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">TD Securities (USA) LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; font: bold 10pt Times New Roman, Times, Serif">Co-Managers:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Academy Securities, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">AmeriVet Securities, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">CastleOak Securities, L.P.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">R. Seelaus &amp; Co., LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5pt; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Samuel A. Ramirez &amp; Company, Inc.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(1) A securities rating is not a recommendation
to buy, sell, or hold securities and may be subject to revision or withdrawal at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(2) It is expected that delivery of the
Fixed Rate Senior Notes will be made against payment therefor on or about the settlement date specified on this communication, which will
be the third business day following the date of pricing of the Fixed Rate Senior Notes (this settlement cycle being referred to as &lsquo;&lsquo;T+3&rsquo;&rsquo;).
Under Rule 15c6-1 of the SEC under the U.S. Securities Exchange Act of 1934, as amended, trades in the secondary market generally are
required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish
to trade Fixed Rate Senior Notes prior to their date of delivery may be required, by virtue of the fact that the Fixed Rate Senior Notes
initially will settle in T+3 to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers
of Fixed Rate Senior Notes who wish to trade Fixed Rate Senior Notes prior to their date of delivery should consult their own advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Issuer has filed a registration statement, including
a prospectus and a prospectus supplement with the SEC, for the offering to which this communication relates. Before you invest, you should
read each of these documents and the other documents the Issuer has filed with the SEC for more complete information about the Issuer
and this offering. You may get these documents for free by visiting EDGAR on the SEC website at sec.gov. Alternatively, the Issuer, any
underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Credit Suisse
Securities (USA) LLC toll-free at 1-800-221-1037.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Changes to Preliminary Pricing Supplement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12pt">1.</TD><TD STYLE="text-align: justify">The Issuer is not offering any of the Floating Rate Notes contemplated in its preliminary pricing supplement dated August 18, 2022.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>2.</TD><TD STYLE="text-align: justify">Additional conforming changes will be made throughout the Issuer's final pricing supplement to reflect the change described above.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Filed Pursuant to Rule 433</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Issuer Free Writing Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Registration Statement No. 333-238458</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>August 18, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2223548d3_fwpimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$1,250,000,000</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.000% FIXED RATE SENIOR NOTES DUE 2027</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRICING TERM SHEET</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Issuer:</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Credit Suisse AG, acting through its New York Branch</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Note Type:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Fixed Rate Senior Notes</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Format:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">SEC Registered</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Expected Issue Ratings</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)</SUP><FONT STYLE="font-size: 10pt">:</FONT></FONT></B></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">A2 (Negative) by Moody&rsquo;s / A (Negative) by S&amp;P / BBB+ (Negative) by Fitch</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Minimum Denomination:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">$250,000 x $1,000</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Trade Date:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">August 18, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Settlement Date</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(2)</SUP><FONT STYLE="font-size: 10pt">:</FONT></FONT></B></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">August 23, 2022 (T+3)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Maturity Date:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">July 9, 2027</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 28%; text-align: left; padding-bottom: 1pt">Principal Amount:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: center; padding-bottom: 1pt">$1,250,000,000</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Benchmark US Treasury:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">UST 2.750% due July 31, 2027</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Benchmark US Treasury Yield:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">3.020%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Spread to Benchmark:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">+205bps</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Reoffer Yield:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">5.070%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Coupon:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">5.000%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Public Offering Price:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">99.707%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Interest Payment Dates:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">January 9 and July 9 of each year, beginning on January 9, 2023 (short first interest period) and ending on the Maturity Date</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Day Count:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">30/360</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">CUSIP:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">22550L2K6</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">ISIN:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">US22550L2K67</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Concurrent Debt Offering:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">The Issuer is concurrently offering $1,250,000,000 Fixed Rate Senior Notes due 2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Sole Bookrunner:</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">Credit Suisse Securities (USA) LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 5pt; text-align: left">Senior Co-Managers:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">ING Financial Markets LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5pt; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">TD Securities (USA) LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 5pt">Co-Managers:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Academy Securities, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">AmeriVet Securities, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">CastleOak Securities, L.P.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">R. Seelaus &amp; Co., LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5pt; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Samuel A. Ramirez &amp; Company, Inc.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0">(1) A securities rating is not a recommendation to buy, sell, or hold securities and may be
subject to revision or withdrawal at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(2) It is expected that delivery of the
Fixed Rate Senior Notes will be made against payment therefor on or about the settlement date specified on this communication, which will
be the third business day following the date of pricing of the Fixed Rate Senior Notes (this settlement cycle being referred to as &lsquo;&lsquo;T+3&rsquo;&rsquo;).
Under Rule 15c6-1 of the SEC under the U.S. Securities Exchange Act of 1934, as amended, trades in the secondary market generally are
required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish
to trade Fixed Rate Senior Notes prior to their date of delivery may be required, by virtue of the fact that the Fixed Rate Senior Notes
initially will settle in T+3 to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers
of Fixed Rate Senior Notes who wish to trade Fixed Rate Senior Notes prior to their date of delivery should consult their own advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Issuer has filed a registration statement, including
a prospectus and a prospectus supplement with the SEC, for the offering to which this communication relates. Before you invest, you should
read each of these documents and the other documents the Issuer has filed with the SEC for more complete information about the Issuer
and this offering. You may get these documents for free by visiting EDGAR on the SEC website at sec.gov. Alternatively, the Issuer, any
underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Credit Suisse
Securities (USA) LLC toll-free at 1-800-221-1037.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Changes to Preliminary Pricing Supplement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12pt">1.</TD><TD STYLE="text-align: justify">The Issuer is not offering any of the Floating Rate Notes contemplated in its preliminary pricing supplement dated August 18, 2022.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>2.</TD><TD STYLE="text-align: justify">Additional conforming changes will be made throughout the Issuer's final pricing supplement to reflect the change described above.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
