NEW YORK, July 23, 2018 /PRNewswire/ -- Credit Suisse AG
("Credit Suisse") announced today that it will accelerate at its
option all of its VelocityShares™ Daily 2x VIX Medium Term
ETNs ("TVIZ"), VelocityShares™ VIX Medium Term ETNs (VIIZ"), Credit
Suisse X-Links® WTI Crude Oil Index ETNs ("OIIL"),
AxelaTrader™ 3x Long Brent Crude Oil ETNs ("UBRT") and AxelaTrader™
3x Inverse Brent Crude Oil ETNs ("DBRT").
ETNs to be
Accelerated at Credit Suisse's Option*
|
Exchange
|
Exchange Ticker
Symbol
|
CUSIP
|
Acceleration
Date
|
VelocityShares™ Daily
2x VIX Medium Term ETNs due December 4, 2030
|
Nasdaq
|
TVIZ
|
22542D340
|
8/15/2018
|
VelocityShares™ VIX
Medium Term ETNs due December 4, 2030
|
Nasdaq
|
VIIZ
|
22542D324
|
8/15/2018
|
Credit Suisse
X-Links® WTI Crude Oil Index ETNs due February 8,
2036
|
NYSE Arca
|
OIIL
|
22539T332
|
8/15/2018
|
AxelaTrader™ 3x Long
Brent Crude Oil ETNs due September 14, 2037
|
NYSE Arca
|
UBRT
|
22539T258
|
8/15/2018
|
AxelaTrader™ 3x
Inverse Brent Crude Oil ETNs due September 14, 2037
|
NYSE Arca
|
DBRT
|
22539T241
|
8/15/2018
|
*The table above provides a hyperlink to the relevant pricing
supplement, as applicable, for each of the ETNs.
TVIZ and VIIZ investors will receive on the
acceleration date set forth above a cash payment per ETN in an
amount equal to the closing indicative value of the respective ETNs
on the accelerated valuation date of August
10, 2018.
OIIL investors will receive on the acceleration date set
forth above a cash payment per ETN in an amount equal to the
arithmetic average of the closing indicative values of such ETNs
during the accelerated valuation period. The accelerated valuation
period for OIIL will be a period of five consecutive trading days,
beginning on August 6, 2018 and
ending on August 10, 2018.
UBRT and DBRT investors will receive on the
acceleration date set forth above a cash payment per ETN in an
amount equal to the closing indicative value of the respective ETNs
on the acceleration valuation date of August
10, 2018. The acceleration valuation date for UBRT and DBRT
is the final calculation date of the acceleration valuation period,
which will be a period of five consecutive calculation dates,
beginning on August 6, 2018 and
ending on August 10, 2018.
As of the date hereof, Credit Suisse will no longer issue new
TVIZ, VIIZ, OIIL, UBRT or DBRT ETNs. Please see the relevant
pricing supplement for detailed information relating to the
calculation of the accelerated redemption amount or acceleration
redemption amount, as applicable, for each such ETN and relating to
the acceleration of such ETNs generally.
Credit Suisse expects that the relevant exchanges will allow
such ETNs to continue to trade until August
14, 2018. Investors who buy such ETNs at any time for an
amount that is greater than the amount they receive upon
acceleration (including paying any premium to the accelerated
redemption amount or acceleration redemption amount, as applicable,
once these amounts have been determined) will suffer a loss on
their investment. Furthermore, investors who sell such ETNs at any
time for an amount that is less than the amount they would have
received upon acceleration (including selling at any discount to
the accelerated redemption amount or acceleration redemption
amount, as applicable, once these amounts have been determined)
will also suffer a loss. In either case, such losses could be
significant. Investors will not receive any other compensation or
amount for the loss of the investment opportunity of holding such
ETNs and investors may be unable to invest in other securities with
a similar level of risk and/or that provide a similar investment
opportunity as such ETNs.
None of the other ETNs offered by Credit Suisse are affected by
this announcement. All dates referenced above are subject to
change, including postponement due to certain events.
Press Contacts
Azar
Boehm, Credit Suisse AG, telephone +1 212 538 3953,
azar.boehm@credit-suisse.com
Credit Suisse ETNs
Telephone +1 800 320 1225,
ETN.Desk@credit-suisse.com
Credit Suisse AG
Credit Suisse AG is one of the
world's leading financial services providers and is part of the
Credit Suisse group of companies (referred to here as 'Credit
Suisse'). Our strategy builds on Credit Suisse's core strengths:
its position as a leading wealth manager, its specialist investment
banking capabilities and its strong presence in our home market of
Switzerland. We seek 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. Credit Suisse employs
approximately 46,370 people. The registered shares (CSGN) of Credit
Suisse AG's parent company, 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.
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SOURCE Credit Suisse AG