Credit Suisse plans early redemption of four commodity-linked ETNs

By Toni Weeks

San Luis Obispo, Calif., Dec. 9 - Credit Suisse AG announced it will accelerate for early redemption four series of commodity-linked exchange-traded notes.

According to a press release, the company plans to deliver a notice of redemption by Dec. 13 for its VelocityShares 2x Long Platinum ETNs, 2x Inverse Platinum ETNs, 3x Long Brent Crude ETNs and 3x Inverse Brent Crude ETNs.

Investors will receive a cash payment per ETN equal to the arithmetic average of the closing indicative value of each ETN during its respective accelerated valuation periods, which will be five consecutive index business days and is expected to be from Dec. 17 to Dec. 23.

The acceleration date for each ETN is expected to be Dec. 27, three business days after the last day of the respective valuation period.

The last day of trading for each ETN will be Dec. 26, the release noted.

Credit Suisse said none of its other ETNs will be affected by this transaction.

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