Credit Suisse is to accelerate the redemption of four of its VelocityShares exchange-traded notes (ETNs).
The ETNs in question are the VelocityShares 2x Long Platinum ETNs (LPLT), 2x Inverse Platinum ETNs (IPLT), 3x Long Brent Crude ETNs (UOIL) and 3x Inverse Brent Crude ETN (DOIL).
In each case, the date for redemption will be 27 December 2013.
Credit Suisse expects to deliver notice via The Depository Trust Company of the acceleration for early redemption of LPLT, IPLT, UOIL and DOIL no later than 13 December 2013.
Investors will receive a cash payment per ETN equal to the arithmetic average of the closing indicative values of such ETNs during their respective accelerated valuation periods.
The accelerated valuation periods in each case will be a period of five consecutive index business days, which is expected to be from 17 December to 23 December 2013. The acceleration date for each ETN is expected to be 27 December, three business days after the last day of the respective valuation period. Accordingly, the last day of trading for each ETN will be 26 December 2013.
None of the other ETNs offered by Credit Suisse are affected by these announcements.