| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for S&P GSCI Gold Index Excess Return > News item |
Credit Suisse increases maximum amount of VelocityShares 3x Long Gold ETNs to $150 million
By Marisa Wong
Madison, Wis., March 7 - Credit Suisse AG, Nassau Branch increased the maximum issue amount of 0% VelocityShares 3x Long Gold exchange-traded notes due Oct. 14, 2031 linked to the S&P GSCI Gold Index Excess Return, according to a 424B2 filing with the Securities and Exchange Commission.
Credit Suisse plans to issue up to $150 million of the notes, up from $100 million. So far, the company has priced $25.47 million principal amount of notes at prices ranging from 80.78 to 107.74.
The payout at maturity will equal the closing indicative value of the notes on Oct. 8, 2031.
The closing indicative value of the notes on the inception date was $50.00. On subsequent days, it equals (a) (i) the closing indicative value on the preceding day times (ii) the daily ETN performance of the notes on that day minus (b) the daily investor fee.
The closing indicative value will never be less than zero. If the intraday indicative value of the notes is less than or equal to zero at any time or the closing indicative value is equal to zero, the closing indicative value of the notes on that day and on all following days will be zero.
The daily ETN performance equals one plus the daily accrual plus three times the index return on that day. The daily accrual is the rate of interest that could be earned on a notional capital reinvestment at the 91-day U.S. Treasury rate.
The daily investor fee is an annualized amount equal to 1.35% of the closing indicative value on the preceding day.
The notes are putable at a minimum of 25,000 notes. Holders will receive the closing indicative value minus an early redemption charge of 0.05%.
The notes are listed on the NYSE Arca under the ticker symbol "UGLD."
Credit Suisse Securities (USA) LLC is the agent.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.