NEW
YORK, Nov. 4, 2022 /PRNewswire/ -- On
November 2, 2022, Credit Suisse
announced expected coupon payments for the following ETNs:
|
ETN
Ticker
|
ETN
Name
|
Closing
Indicative
Value on
10/31/221
|
Ex-Date
|
Record
Date
|
Payment
Date
|
Expected
Coupon
Amount
per ETN2
|
Coupon
Frequency
|
Expected
Current
Yield3
|
|
USOI
|
Credit Suisse
X-Links® Crude
Oil Shares
Covered Call
ETN
|
$87.3437
|
11/18/22
|
11/21/22
|
11/25/22
|
$1.7559
|
Monthly
|
31.75%4
|
|
GLDI
|
Credit Suisse
X-Links® Gold
Shares
Covered Call
ETN
|
$140.3360
|
11/18/22
|
11/21/22
|
11/25/22
|
$1.2648
|
Monthly
|
10.37%4
|
|
SLVO
|
Credit Suisse
X-Links® Silver
Shares
Covered Call ETN
|
$77.0612
|
11/18/22
|
11/21/22
|
11/25/22
|
$0.7936
|
Monthly
|
16.70%4
|
|
|
|
1.
|
Each of the ETNs
underwent a 1-for-20 reverse split, effective September 27, 2022.
Since September 27, 2022, the Closing Indicative Value of each ETN
has been expressed in an amount per denomination and stated
principal amount of $500.00 for USOI and $400.00 for GLDI and SLVO,
based on the split-adjusted Current Principal Amount (as defined in
the Pricing Supplement for each ETN).
|
|
2.
|
On October 17, 2022,
the Credit Suisse Nasdaq Gold FLOWS™ 103 Index, the Credit
Suisse Nasdaq Silver FLOWS™ 106 Index and the Credit Suisse
Nasdaq WTI Crude Oil FLOWS™ 106 Index (the "Indices")
concluded the notional sale of options on GLD shares, SLV shares
and USO shares, respectively, with November 2022 expiration.
We expect that the notional cash distribution generated by this
sale of options will be withdrawn from the Indices on November 14,
2022, subject to adjustment in the event of any market disruption
events. Assuming no redemption or acceleration of GLDI, SLVO
and USOI, and that the notional cash distribution is withdrawn from
the Indices on November 14, 2022, we expect to declare a Coupon
Amount for GLDI, SLVO and USOI, respectively, equal to the
corresponding Expected Coupon Amount. The
Expected Coupon Amount is subject to change upon the
occurrence of a disruption event or other unforeseen
circumstances.
|
|
3.
|
For each ETN, the
Expected Current Yield equals the Expected Coupon Amount annualized
and divided by the Closing Indicative Value, as discussed in more
detail below. The Expected Current Yield, which is based on
an ETN's Expected Coupon Amount and its two most recent coupon
payments, is not indicative of future coupon payments, if any, on
the ETNs. In particular, future coupon payments on an ETN may
differ significantly from its Expected Current Yield, if its
Closing Indicative Value fluctuates widely in a volatile
market. You are not guaranteed any coupon payment or
distribution under the ETNs. Coupon payments for the ETNs (if
any) are variable and do not represent fixed, periodic interest
payments. The Expected Coupon Amount for any ETN may vary
significantly from coupon period to coupon period and may be
zero. Accordingly, the Expected Current Yield will change
over time, and such change may be significant. Any payment on
the ETNs is subject to Credit Suisse's ability to pay its
obligations as they become due. For more information
regarding any ETN's coupon payments, please refer to such ETN's
pricing supplement.
|
|
4.
|
The Expected Current
Yield for the ETN equals the sum of (i) the Expected Coupon
Amount, plus (ii) the amount of the ETN's two most
recent coupon payments, multiplied by four (to annualize
such amounts), divided by the Closing Indicative Value, and
rounded to two decimal places for ease of analysis. The
Expected Current Yield is subject to change upon the occurrence of
a disruption event or other unforeseen circumstances.
|
Press Contact
Andre
Rosenblatt, Credit Suisse,
andre.rosenblatt@credit-suisse.com
Credit Suisse ETNs
Telephone +1 800 320 1225,
ETN.Desk@credit-suisse.com
The ETNs may not be suitable for all investors and should be
purchased only by knowledgeable investors who understand the
potential consequences of investing in the ETNs. The ETNs are
subject to the credit risk of Credit Suisse. You may receive less,
and possibly significantly less, than the principal amount of your
investment at maturity or upon repurchase or sale. Coupon payments
on the ETNs will vary and could be zero. There is no actual
portfolio of assets in which any investor in the ETNs has any
ownership or other interest. Investors in the ETNs do not have
voting rights, distribution rights or other rights with respect to
the assets included in the tracked indices. An investment in the
ETNs involves significant risks. For further information regarding
risks, please see the section entitled "Risk Factors" in the
applicable pricing supplement.
Credit Suisse
Credit Suisse is one of the world's leading financial services
providers. The bank's strategy builds on its core strengths: its
position as a leading wealth manager, its specialist investment
banking and asset management capabilities and its strong presence
in its home market of Switzerland.
Credit Suisse seeks 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. The bank employs
more than 50,000 people. The registered shares (CSGN) of 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.
Disclaimer
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. It has been prepared solely for information purposes and
for the use of the recipient. It does not constitute an offer or an
invitation by or on behalf of Credit Suisse to any person to buy or
sell any security. Any reference to past performance is not
necessarily a guide to the future. The information and analysis
contained in this publication have been compiled or arrived at from
sources believed to be reliable but Credit Suisse does not make any
representation as to their accuracy or completeness and does not
accept liability for any loss arising from the use hereof.
Credit Suisse has filed a registration statement (including a
prospectus) with the Securities and Exchange Commission, or SEC,
for the offering to which this press release relates. Before you
invest, you should read the applicable Pricing Supplement, the
Prospectus Supplement dated June 18,
2020 and the Prospectus dated June
18, 2020 that Credit Suisse has filed with the SEC for
more complete information about Credit Suisse and this offering.
You may obtain these documents without cost by visiting EDGAR on
the SEC website at www.sec.gov or clicking the hyperlinks
below:
USOI:
Pricing Supplement dated September 27,
2022, including the Prospectus Supplement dated June 18, 2020, and Prospectus dated June 18, 2020:
https://notes.credit-suisse.com/api/DocFile/GetProspectus/USOI
GLDI:
Pricing Supplement dated September 27,
2022, including the Prospectus Supplement dated June 18, 2020, and Prospectus dated June 18, 2020:
https://notes.credit-suisse.com/api/DocFile/GetProspectus/GLDI
SLVO:
Pricing Supplement dated September 27,
2022, including the Prospectus Supplement dated June 18, 2020, and Prospectus dated June 18, 2020:
https://notes.credit-suisse.com/api/DocFile/GetProspectus/SLVO
Alternatively, Credit Suisse, Credit Suisse Securities
(USA) LLC or any agent or any
dealer participating in this offering will arrange to send you the
applicable pricing supplement, prospectus supplement and prospectus
if you so request by calling 1-800-320-1225.
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.
X-Links® is a registered trademark of Credit Suisse
Securities (USA) LLC.
Copyright © 2022, CREDIT SUISSE GROUP AG and/or its affiliates.
All rights reserved.
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SOURCE Credit Suisse AG
