CS 7.250% Perpetual Corp (USD)

Bond Factsheet

Trading without Accrued Interest

Credit Suisse Group AG

Indicative

Full Lot

Bid Price

0.001

Change in Bid Price

remove 3.432

Bid Yield (%)

Change in Bid Yield

Ask Price

0.001

Change in Ask Price

remove 5.530

Ask Yield (%)

Change in Ask Yield

Indicative price as of 23 Mar 2023, 12:00am

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Bond Information

Credit Suisse Group AG operates as a wealth management firm. The Company specializes in investment banking and offers wealth management activities 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. Credit Suisse Group serves customers worldwide.

Bond Issuer

Credit Suisse Group AG

Guarantor

Announcement Date

05 Sep 2018

Issue Date

12 Sep 2018

Maturity Date

Perpetual

Years to Maturity / Next Call

Perpetual / 3.939

Modified Duration

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

7.250

Coupon Type

Variable

Annual Coupon Rate

7.250

Coupon Frequency

Semi Annually

Seniority

Junior Subordinated

Capital Structure

Additional Tier 1

Reference Rate

Reset Date: 12Sep2025 and every 5 years thereafter
Reset Rate: US 5Y SWAP + Margin (4.332% )

Accrued Interest

Trading without

ISIN

USH3698DBZ62

CUSIP

AU3887497

Bond Currency

USD

Total Issue Size

1,500,000,000

Outstanding Issue Size

Min. Investment Quantity (Nominal)

USD 200,000

Incremental Quantity (Nominal)

USD 1,000

Bond Type

High Yield Corporate

Bond Sector

Financials

Bond Sub Sector

Banks

Issuer Credit Rating (S&P/ Fitch)

***/ W.R

Bond Credit Rating (S&P/ Fitch)

***/ W.R

Shariah Compliant

Exchange Listed

Others

Bond Feature(s)

Loss Absorption

Additional Tier 1

Write-down

If a Contingency Event, or prior to a Statutory Loss Absorption Date (if any), a Viability Event occurs, the full principal amount of the notes will be mandatorily and permanently written down. The notes are not convertible into shares of the Issuer upon the occurrence of a Contingency Event or a Viability Event or at the option of the Holders at any time. See "Terms and Conditions of the Notes-Condition 7" "Write-down" in the Information Memorandum for the definitions of Contingency Event, Statutory Loss Absorption Date and Viability Event.

A ‘‘Write-down Event’’ means either a Contingency Event or a Viability Event.

A ‘‘Contingency Event’’ will occur if CSG (or any Substitute Issuer) gives Holders a Contingency Event Notice.

CSG (or any Substitute Issuer) is required to give Holders a Contingency Event Notice (within the required notice period) if as at any Reporting Date, the CET1 Ratio contained in the relevant Financial Report is below 7.00 per cent.

CET1 Write-down Trigger: 7.00%, based on Credit Suisse Group AG consolidated CET1 ratio

CSG is subject to the resolution regime under Swiss banking laws and regulations

CSG is the Swiss parent company of a financial group, which means that under the Swiss Banking Act, FINMA is able to exercise its broad statutory powers thereunder with respect to CSG, including its powers to order protective measures, institute restructuring proceedings (and exercise any Swiss resolution powers in connection therewith), and institute liquidation proceedings, if there is justified concern that CSG is over-indebted, has serious liquidity problems or, after the expiry of a deadline, no longer fulfils capital adequacy requirements.

Resolution powers that may be exercised during restructuring proceedings with respect to CSG include the power to (a) transfer the assets, or portions thereof, together with debt and other liabilities, or portions thereof, and contracts, to another entity, (b) stay (for a maximum of two business days) the termination of, and the exercise of rights to terminate, netting rights, rights to enforce or dispose of certain types of collateral or rights to transfer claims, liabilities or certain collateral under, contracts to which the entity subject to such restructuring proceedings is a party, and/or (c) partially or fully convert into equity of CSG and/or write-down the obligations of CSG, including the Notes, if not already written-down pursuant to their terms. Creditors, including holders of the Notes, will have no right to reject, or to seek the suspension of, any restructuring plan pursuant to which such resolution powers are exercised with respect to CSG. Holders of the Notes will have only limited rights to challenge any decision to exercise resolution powers with respect to CSG or to have that decision reviewed by a judicial or administrative process or otherwise.

While the terms of the Notes provide for a contractual write-down of the full principal amount of the Notes upon the occurrence of a Write-down Event, there can be no assurance that the taking of any actions by FINMA, or any other authority in Switzerland that is competent at the relevant time, with respect to CSG would not as well or instead of the contractual write-down adversely affect the rights of holders of the Notes, the price or value of an investment in the Notes and/or CSG’s ability to satisfy its obligations under the Notes.

Deferral Interest Payment

Discretionary Interest Payments

Payments of interest will be made at the sole discretion of the Issuer and will be subject to mandatory cancellation if CSG does not have sufficient distributable profits, does not satisfy minimum regulatory capital adequacy requirements or the Regulator prohibits such payment, as more particularly described in ‘‘Terms and Conditions of the Notes—Interest Calculations—Cancellation of Interest; Prohibited Interest’’.

The cancellation or non-payment of interest shall not constitute a default for any purpose. Any interest not paid on any relevant Interest Payment Date shall not accumulate or be payable at any time thereafter, and Holders shall have no right thereto.

Issuer Call

Subject to having obtained the prior approval of the Swiss Financial Market Supervisory Authority FINMA if then required under Swiss banking laws applicable to the Issuer from time to time, the Issuer may at its option redeem the notes, in whole but not in part, on the First Optional Redemption Date or any Reset Date thereafter, on giving not less than 30 nor more than 60 days' notice, at a redemption price equal to 100% of the principal amount, together with accrued interest to (but excluding) the date of redemption.

Callable on 12 Sep 2025 and every 6 months thereafter at 100.

Additional Note

Writedown effective 19 Mar 2023

Capital Event (Regulatory) Redemption

If a “Capital Event” occurs, wherein a change in the National Regulations and/or BIS Regulations occurs on or after the Issue Date having the effect that the entire principal amount of the notes ceases to be eligible to be both (i) treated as Additional Tier 1 Capital under BIS Regulations and (ii) counted towards the Going Concern Requirement, the Issuer may at its option redeem the notes, in whole but not in part, at any time on giving not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount, together with accrued interest to (but excluding) the date of redemption. See “Terms and Conditions of the Notes—Condition 18 “Definitions”” in the Information Memorandum for the definitions of National Regulations, Additional Tier 1 Capital, BIS Regulations and Going Concern Requirement.

No redemption following a Write-down Event

Notwithstanding the other provisions of this Condition 8, the Issuer may not give a notice of redemption of the Notes or redeem the Notes pursuant to this Condition 8 if a Write-down Event has occurred prior to the date of such notice or the relevant redemption date, as the case may be.

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