NEW YORK, May 21, 2020 /PRNewswire/ -- Credit Suisse AG
("Credit Suisse") announced today that it has exercised its right
to call its Credit Suisse X-Links® Multi-Asset High
Income ETNs ("MLTI" or the "ETNs").
As described in the related pricing supplement for MLTI (the
"Pricing Supplement"), Credit Suisse, as the issuer of the ETNs,
may, at its option, call all issued and outstanding units of MLTI.
Credit Suisse has exercised this right by delivering a call notice
via the Depository Trust Company on May 21,
2020. The call settlement date is expected to be
June 12, 2020.
On the call settlement date set forth above, MLTI investors will
receive a cash payment per ETN in an amount equal to the call
settlement amount. The call settlement amount will be calculated on
the call valuation date of June 9,
2020 in accordance with the terms of the ETNs as set forth
in the Pricing Supplement. The call settlement amount will include
MLTI's coupon amount, if any, with respect to the scheduled coupon
valuation date of May 29, 2020.
As of today, Credit Suisse will no longer issue new units of
MLTI.
Credit Suisse expects that NYSE Arca will allow MLTI to continue
to trade until June 11, 2020.
Investors who buy MLTI at any time for an amount that is greater
than the call settlement amount (including paying any premium to
the call settlement amount, once this amount has been determined)
will suffer a loss on their investment. Furthermore, investors who
sell MLTI at any time for an amount that is less than the call
settlement amount (including selling at any discount to the call
settlement amount, once this amount has been determined) will
suffer a loss. In either case, such loss could be significant.
Investors will not receive any other compensation or amount for the
loss of the investment opportunity of holding MLTI and investors
may be unable to invest in other securities with a similar level of
risk and/or that provide a similar investment opportunity as
MLTI.
None of the other ETNs offered by Credit Suisse are affected by
this announcement. All dates referenced above are subject to
change, including postponement due to certain events.
|
Title of
ETN
|
Ticker
Symbol
|
ETN
CUSIP
|
|
Credit Suisse
X-Links® Multi-Asset High Income ETN
|
MLTI
|
22539T399
|
Press Contacts
Karina
Byrne, Credit Suisse AG, telephone +1 212 538 8361,
karina.byrne@credit-suisse.com
Credit Suisse ETNs
Telephone +1 800 320 1225,
ETN.Desk@credit-suisse.com
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'). Our strategy builds on Credit Suisse's core strengths:
its position as a leading wealth manager, its specialist investment
banking capabilities and its strong presence in our home market of
Switzerland. We seek 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. Credit Suisse employs
approximately 48,500 people. The registered shares (CSGN) of Credit
Suisse AG'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.
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SOURCE Credit Suisse AG