Credit Suisse to repurchase or accelerate three series of ETNs

By Marisa Wong

Morgantown, W.Va., May 15 – Credit Suisse AG said it will repurchase its Credit Suisse X-Links Long/Short Equity exchange-traded notes due Feb. 19, 2020 linked to the Credit Suisse Long/Short Liquid Index (Net) (Symbol: CSLS; Cusip: 22542D878). As of May 15, the outstanding principal amount of these ETNs is $10 million or less.

The repurchase date is expected to be May 26.

The last day of trading for the X-Links Long/Short Equity ETNs is expected to be May 25, and May 23 will be the valuation date used to determine the repurchase value of the ETNs.

Credit Suisse said it will also accelerate its Credit Suisse X-Links Commodity Rotation ETNs due June 15, 2033 linked to the Credit Suisse Commodity Backwardation Total Return index (Symbol: CSCR; Cusip: 22542D456) and Credit Suisse FI Enhanced Big Cap Growth ETNs due Oct. 22, 2018 linked to the Russell 1000 Growth Index Total Return (Symbol: FIBG; Cusip: 22539T563).

The acceleration date is expected to be June 5, which is three business days after the last trading day in the accelerated valuation period.

The five consecutive trading days from May 24 through May 31 will constitute the accelerated valuation period used to determine the cash payment per ETN.

As of Monday, Credit Suisse will no longer issue new units of X-Links Commodity Rotation ETNs or FI Enhanced Big Cap Growth ETNs.

Credit Suisse expects to deliver irrevocable call notices for all three series of ETNs to the Depository Trust Co. no later than May 22.

None of the other ETNs offered by Credit Suisse are affected.

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