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Credit Suisse adjusts caps for VelocityShares Gold, Silver ETNs
By Marisa Wong
Morgantown, W.Va., Oct. 15 – Credit Suisse AG, Nassau Branch updated the offering amounts for three of its exchange-traded notes, according to an amended 424B2 filing with the Securities and Exchange Commission.
The amount of VelocityShares 3x Long Gold ETNs due Oct. 14, 2031 linked to the S&P GSCI Gold Index ER (NYSE Arca: UGLD, Cusip: 22542D688) was decreased to $215 million, or 430,000 notes with a par amount of $500 each, from $366.25 million. As of Oct. 9, there were 15,615,620 ETNs, or $780,781,000 principal amount, issued and outstanding. The number and principal amount of ETNs outstanding do not reflect the reverse split of the ETNs that took effect on Oct. 15. The par amount for each ETN was previously $50.
The amount of VelocityShares 3x Long Silver ETNs due Oct. 14, 2031 linked to the S&P GSCI Silver Index ER (NYSE Arca: USLV, Cusip: 22539T597) was decreased to $8,475,000,000, or 1,695,000 notes with a par amount of $5,000 each, from $14,087,500,000. As of Oct. 9, there were 45,942,460 ETNs, or $22,971,230,000 principal amount – reflecting a previous 1-for-10 reverse split – issued and outstanding. The number and principal amount of ETNs outstanding do not reflect the reverse split of the ETNs that took effect on Oct. 15. The par amount for each ETN before the latest reverse split was $500.
The maximum amount of VelocityShares 3x Inverse Gold ETNs due Oct. 14, 2031 linked to the S&P GSCI Gold Index ER (NYSE Arca: DGLD, Cusip: 22542D670) was decreased to $70 million, or 1.4 million notes with a par amount of $50 each, from $72.5 million. As of Oct. 9, there were 354,010 ETNs, or $17,700,500 principal amount, issued and outstanding.
The maximum amount of VelocityShares 3x Inverse Silver ETNs due Oct. 14, 2031 linked to the S&P GSCI Silver Index ER (NYSE Arca: DSLV, Cusip: 22542D654) remains at $168.75 million, or 3,375,000 notes with a par amount of $50 each. As of Oct. 9, there were 413,940 ETNs, or $20,697,000 principal amount, issued and outstanding.
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