NEW YORK, Aug. 12, 2020 /PRNewswire/ -- Credit
Suisse AG ("Credit Suisse") announced today that it will accelerate
at its option its VelocityShares™ 3x Inverse Natural
Gas ETNs (the "ETNs"), which were previously delisted from the NYSE
Arca.
The ETNs were originally listed on the NYSE Arca, but were
delisted from the NYSE Arca as of July 12,
2020. On June 22, 2020, Credit
Suisse suspended further issuances of the ETNs. Following the
delisting from the NYSE Arca, the ETNs traded on an
over-the-counter basis.
As described in the related pricing supplement for the ETNs (the
"Pricing Supplement"), Credit Suisse, as the issuer of the ETNs,
may, at its option, accelerate all issued and outstanding ETNs on
any business day after the inception date. Credit Suisse expects to
deliver notice of the acceleration of the ETNs via the Depository
Trust Company on August 12, 2020.
As described in the Pricing Supplement, investors will receive a
cash payment per ETN equal to the arithmetic average of the closing
indicative values of the ETNs during the accelerated valuation
period. The accelerated valuation period will be a period of five
consecutive index business days, which is expected to be from
August 14, 2020 to August 20, 2020. The acceleration date is
expected to be August 25, 2020, three
business days after the last day of the accelerated valuation
period. If you have questions regarding the impact of the
acceleration of the ETNs on your position, please contact your
broker.
None of the other ETNs offered by Credit Suisse are affected by
this announcement.
Title of
ETN
|
ETN
CUSIP
|
VelocityShares™ 3x
Inverse Natural Gas ETNs linked to the S&P
GSCI® Natural Gas Index ER due February 9,
2032
|
22542D282
|
|
|
|
Investor Contacts
Credit Suisse ETN Desk,
etn.desk@credit-suisse.com
Press Contacts
Candice
Sun, Credit Suisse AG, candice.sun@credit-suisse.com
Anna Christensen, Credit Suisse AG,
anna.christensen@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 48,800 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.
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 © 2020, CREDIT SUISSE GROUP AG and/or its
affiliates. All rights reserved.
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SOURCE Credit Suisse AG