Form 424B2 CREDIT SUISSE AG



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The information in this preliminary pricing supplement is
not complete and may be changed. This preliminary pricing supplement is not an offer to sell these securities and it is not soliciting
an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

Subject to completion dated July 9, 2021.

 
  FINANCIAL
PRODUCTS

Preliminary Pricing Supplement No. F1771

To Product Supplement No. I-A dated June 18, 2020,

Prospectus Supplement dated June 18, 2020 and

Prospectus dated June 18, 2020

Filed Pursuant to Rule 424(b)(2)

Registration Statement No. 333-238458-02

July 9, 2021

$

Contingent Coupon Callable Yield Notes
due July 17, 2023

Linked to the Performance of the Class
A Common Stock of CrowdStrike Holdings, Inc.

The securities do not guarantee any return of principal or delivery
of securities at maturity and do not provide for the regular payment of interest.
If these securities have not been previously redeemed at our option and if a Coupon Barrier Event has not occurred on an Observation
Date, we will pay a contingent coupon on the immediately following Contingent Coupon Payment Date in an amount expected to be $31.25 (equivalent
to approximately 12.50% per annum) (to be determined on the Trade Date) per $1,000 principal amount of securities. However, if a Coupon
Barrier Event has occurred on an Observation Date, no contingent coupon will be paid with respect to that Observation Date. Contingent
coupons should not be viewed as ordinary periodic interest payments.
We may redeem the securities, in whole but not in part, on any Early Redemption Date. No further payments will be made following an
Early Redemption.
Investors should be willing to (i) forgo dividends and the potential to participate in any appreciation of the Underlying, (ii) accept
the risks of owning equities in general and the Underlying in particular and (iii) lose some or all of their investment if a Knock-In
Event has occurred.
Senior unsecured obligations of Credit Suisse maturing July 17, 2023. Any payment or delivery on the securities is subject to our
ability to meet our obligations as they become due.
Minimum purchase of $1,000. Minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.
The offering price for the securities is expected to be determined on or about July 12, 2021 (the “Trade Date”) and the
securities are expected to settle on or about July 15, 2021 (the “Settlement Date”). Delivery of the securities in book-entry
form only will be made through The Depository Trust Company.
The securities will not be listed on any exchange.

Investing in the securities involves a number of risks. See “Selected
Risk Considerations” beginning on page 9 of this pricing supplement and “Risk
Factors” beginning on page PS-3 of any accompanying product supplement.

Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of the securities or passed upon the accuracy or the adequacy of this pricing supplement or any
accompanying product supplement, the prospectus supplement and the prospectus. Any representation to the contrary is a criminal offense.

  Price to Public Underwriting Discounts and Commissions(1) Proceeds to Issuer
Per security $1,000 $ $
Total $ $ $

(1) We will not pay a commission in connection with the distribution
of the securities. For more detailed information, please see “Supplemental Plan of Distribution (Conflicts of Interest)” in
this pricing supplement.

Credit Suisse Securities (USA) LLC (“CSSU”) is our affiliate.
For more information, see “Supplemental Plan of Distribution (Conflicts of Interest)” in this pricing supplement.

Credit Suisse currently estimates the value of each $1,000 principal
amount of the securities on the Trade Date will be between $960 and $1,000 (as determined by reference to our pricing models and the rate
we are currently paying to borrow funds through issuance of the securities (our “internal funding rate”)). This range of estimated
values reflects terms that are not yet fixed. A single estimated value reflecting final terms will be determined on the Trade Date. See
“Selected Risk Considerations” in this pricing supplement.

The securities are not deposit liabilities and are not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency of the United States, Switzerland or any other
jurisdiction.

Credit Suisse

July , 2021

 


Key Terms

 

Issuer

 

Credit Suisse AG (“Credit Suisse”), acting
through its London branch

 

Reference Share Issuer

 

The issuer of the Underlying.

 

Underlying

 

The securities are linked to the performance of the Underlying
set forth in the table below. For more information on the Underlying, see “The Underlying” herein. The Underlying is identified
in the table below, together with its Bloomberg ticker symbol, Initial Level and expected Knock-In Level and Coupon Barrier Level (each
level to be determined on the Trade Date):

 

Underlying Ticker Initial Level Knock-In Level Coupon Barrier Level
Class A common stock of CrowdStrike Holdings, Inc. CRWD UW   (Approximately 60% of Initial Level) (Approximately 60% of Initial Level)

 

Contingent Coupons

 

If these securities have
not been previously redeemed at our option and if a Coupon Barrier Event has not occurred on an Observation Date, we will pay the Contingent
Coupon Amount on the immediately following Contingent Coupon Payment Date. However, if a Coupon Barrier Event has occurred on an Observation
Date, no contingent coupon will be paid with respect to that Observation Date. If any Contingent Coupon Payment Date is not a business
day, the contingent coupon will be payable on the first following business day, unless that business day falls in the next calendar month,
in which case payment will be made on the first preceding business day. The amount of any contingent coupon will not be adjusted with
respect to any postponement of a Contingent Coupon Payment Date and no interest or other payment will be payable hereon because of any
such postponement of a Contingent Coupon Payment Date. No contingent coupons will be payable following an Early Redemption. Contingent
coupons, if any, will be payable on the applicable Contingent Coupon Payment Date to the holder of record at the close of business on
the business day immediately preceding the applicable Contingent Coupon Payment Date, provided that the contingent coupon payable on the
Early Redemption Date or Maturity Date, as applicable, will be payable to the person to whom the Early Redemption Amount or the Redemption
Amount, as applicable, is payable.

 

Contingent Coupon Amount

 

Expected to be $31.25
(equivalent to approximately 12.50% per annum) (to be determined on the Trade Date) per $1,000 principal amount of securities.

 

Coupon Barrier Event

 

A Coupon Barrier Event
will occur if, on any Observation Date, the closing level of the Underlying on such Observation Date is less than the Coupon Barrier Level.

 

Redemption Amount

 

If these securities have
not been previously redeemed at our option, at maturity, the Redemption Amount you will receive will depend on the performance of the
Underlying and whether a Knock-In Event has occurred. For each $1,000 principal amount of securities, the Redemption Amount consisting
of cash or shares we will pay or deliver will be determined as follows:

 

· If a Knock-In Event has not occurred, a cash payment equal to $1,000. Therefore, you will
not participate in any appreciation of the Underlying.

 

· If a Knock-In Event has occurred, a number of shares of the Underlying equal to the Physical Delivery
Amount, plus a cash amount in respect of any fractional share, subject to our

 

Contingent Coupon Callable Yield Notes       2

election to pay
cash instead of delivering the Physical Delivery Amount as described below under “Physical Delivery Amount.”
The value
of the shares or cash as of the Valuation Date will be less than $600 per $1,000 principal amount of securities. You could lose your entire
investment.

 

Any payment or delivery
on the securities is subject to our ability to meet our obligations as they become due.

 

Physical Delivery Amount

 

The Physical Delivery
Amount per $1,000 principal amount of securities is a number of shares of the Underlying rounded down to the nearest whole number equal
to the product of (i) $1,000 divided by the Initial Level and (ii) the share adjustment factor. The share…



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