NEW YORK, Feb. 9, 2016 /PRNewswire/ -- Credit Suisse today
announced the launch of its X-LinksTM WTI Crude Oil
Index ETN which is listed under the ticker symbol "OIIL" and will
begin trading on NYSE Arca this morning.
OIIL Profile
ETN Ticker
|
OIIL
|
Underlying
Index
|
Bloomberg WTI Crude
Oil Total Return SubindexSM
|
Index
Ticker
|
BCOMCLTR
|
Investor
Fee1
|
0.55%, accrued on a
daily basis
|
Indicative Value
Ticker2
|
OIILIV (Bloomberg) /
^OIIL-IV (Yahoo! Finance)
|
|
|
1 In
addition to the daily Investor Fee, which reduces the amount of
payment at maturity, an Early Redemption Charge per ETN of 0.125%
times the Closing Indicative Value on the Early Redemption
Date will be charged upon an early redemption at the holder's
option.
|
|
2 The
Intraday Indicative Value and the Closing Indicative Value will be
published on each Trading Day under the Bloomberg ticker symbol
"OIILIV" and under the Yahoo! Finance ticker symbol "^OIIL-IV." The
"indicative value" for the ETNs is designed to reflect the economic
value of the ETNs at a given time. The indicative value is a
calculated value and is not the same as the trading price of the
ETNs and is not a price at which you can buy or sell the ETNs in
the secondary market. The indicative value does not take into
account the factors that influence the trading price of the ETNs,
such as imbalances of supply and demand, lack of liquidity and
credit considerations. The actual trading price of the ETNs in the
secondary market may vary significantly from their indicative
value. Investors can compare the trading price (if such concurrent
trading price is available) of the ETNs against the indicative
value to determine whether the ETNs are trading in the secondary
market at a premium or a discount to the economic value of the ETNs
at any given time. Investors are cautioned that paying a premium
purchase price over the indicative value at any time could lead to
the loss of any premium in the event the investor sells the ETNs
when such premium is no longer present in the market place or your
ETNs are repurchased by us (including pursuant to an acceleration
at our option). It is also possible that the ETNs will trade in the
secondary market at a discount below the indicative value and that
investors would receive less than the indicative value if they had
to sell their ETNs in the market at such time.
|
"Credit Suisse is excited to launch the new X-LinksTM
ETN, OIIL, which tracks an index of WTI crude oil futures
contracts," said Paul Somma, Head of
Exchange Traded Notes at Credit Suisse. "We believe investors
will quickly come to appreciate the features of this new ETN.
OIIL's annual fee rate is 0.55% and its fees are applied in a
'non-path-dependent' manner, where each day's fee is simply the
ETN's value multiplied by the daily prorated amount of the annual
fee rate. Since OIIL is an ETN, its investors will not
receive an IRS Schedule K-1."
Bloomberg WTI Crude Oil Total Return
SubindexSM
OIIL tracks the Bloomberg WTI Crude Oil Total Return
SubindexSM (the "Index"), which is a single
commodity subindex of the total return version of the Bloomberg
Commodity IndexSM (the "Base Index"). The Index is
intended to reflect the returns that are potentially available
through an unleveraged investment in rolling West Texas
Intermediate crude oil futures contracts, plus the Treasury Bill
rate of interest that could be earned on funds committed to the
trading of the underlying contracts. The Base Index reflects the
returns that are potentially available through an unleveraged
investment in the futures contracts on physical commodities
constituting the underlying commodity index. The Base Index was
previously known as the Dow Jones–UBS Commodity IndexSM.
The Index is a total return index and was launched on July 14, 1998.
Selected Investment Features
- Tracks the
Bloomberg WTI Crude Oil Total Return
SubindexSM
- Exposure to
WTI crude oil futures contracts traded on the NYMEX
- Simplified tax
administration since investors in the ETNs will not receive an
IRS Schedule K-1
- Listed on
NYSE Arca
|
- Tracking Error refers to the under/over
performance differential of an ETN's indicative value (not its
secondary market or trading price) versus its underlying index over
a given time period, after accounting for the ETN's fees and costs.
Since the payment received by the ETN holder at maturity or upon
early redemption or acceleration, as applicable, is determined
solely by the performance of the Index, less investor fees, the ETN
is expected to have little or no "tracking error." Any payment on
the ETNs is subject to our ability to pay our obligations as they
become due.
|
Index Returns (7/14/1998 –
2/5/2016)
|
Ticker
|
1
Month
|
3
Months
|
1
Year
|
3
Years*
|
5
Years*
|
Since
Inception*
|
Bloomberg WTI Crude
Oil Total Return SubindexSM
|
BCOMCLTR
|
-16.90%
|
-37.97%
|
-52.08%
|
-35.53%
|
-24.39%
|
0.52%
|
S&P
GSCI® Crude Oil Total Return Index
|
SPGSCLTR
|
-16.85%
|
-38.32%
|
-52.85%
|
-36.45%
|
-24.59%
|
-0.56%
|
S&P 500 Index –
Total Return
|
SPXT
|
-6.63%
|
-9.98%
|
-6.89%
|
9.84%
|
9.80%
|
4.63%
|
|
|
|
|
|
|
|
|
Source: Bloomberg, as
of 2/5/2016.
|
|
* These represent
annualized returns.
|
Index Performance (7/14/1998 –
2/5/2016)
Source:
Bloomberg.
|
|
The table and graph
above show the historical performance of the Bloomberg WTI Crude
Oil Total Return SubindexSM, the S&P
GSCI® Crude Oil Total Return Index and the S&P
500® Total Return Index from July 14, 1998 to February
5, 2016. Historical performance is not indicative of future
performance. Any historical upward or downward trend in the level
of the Index during any period set forth in the table and graph
above is not an indication that the Index is more or less likely to
increase or decrease during the future. The above table and graph
do not reflect the fees or costs associated with the ETNs, which
will reduce the amount of the return on the ETNs at maturity or
upon our call or upon an early redemption.
|
|
We obtained
information shown above from Bloomberg, without independent
verification. "Bloomberg®", "Bloomberg Commodity
IndexSM" are service marks of Bloomberg Finance L.P. and
its affiliates (collectively, "Bloomberg") and have been licensed
for use for certain purposes by Credit Suisse. Neither Bloomberg
nor UBS Securities LLC and its affiliates (collectively, "UBS") are
affiliated with Credit Suisse, and Bloomberg and UBS do not
approve, endorse, review, or recommend the ETNs. Neither Bloomberg
nor UBS guarantees the timeliness, accurateness, or completeness of
any data or information relating to the Bloomberg Commodity
IndexSM or the Bloomberg WTI Crude Oil Total Return
SubindexSM.
|
More information on the X-LinksTM WTI Crude Oil Index
ETN (OIIL) can be found on: www.credit-suisse.com/etn.
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. There is no
actual portfolio of assets in which any investor in the ETNs has
any ownership or other interest. 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 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'). As an integrated bank, Credit Suisse offers clients its
combined expertise in the areas of private banking, investment
banking and asset management. Credit Suisse provides advisory
services, comprehensive solutions and innovative products to
companies, institutional clients and high-net-worth private clients
globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in
Zurich and operates in over 50
countries worldwide. The group employs approximately 48,100 people.
The registered shares (CSGN) of Credit Suisse'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.
Credit Suisse AG ("Credit Suisse") has filed a registration
statement (including prospectus supplement and 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 May 4, 2015 and Prospectus dated May 4, 2015, to understand fully the terms of the
ETNs and other considerations that are important in making a
decision about investing in the ETNs. You may get these documents
without cost by visiting EDGAR on the SEC website at www.sec.gov.
Alternatively, Credit Suisse, Credit Suisse Securities
(USA) LLC or any agent or dealer
participating in an offering will arrange to send you the
applicable Pricing Supplement, Prospectus Supplement and Prospectus
if you so request by calling +1 800 320 1225.
Pricing Supplement dated February 8,
2016, including the Prospectus dated May 4, 2015 and Prospectus Supplement dated
May 4, 2015:
https://notes.credit-suisse.com/csfbnoteslogin/etn/prospectus.asp?Ticker=OIIL
You may access the Prospectus Supplement and Prospectus on the
SEC website at www.sec.gov or by clicking on the hyperlinks to each
of the respective documents incorporated by reference in the
Pricing Supplement.
Copyright © 2016, CREDIT SUISSE GROUP AG and/or its affiliates.
All rights reserved.
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