Credit Suisse announces event acceleration of XIV# Stock
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Credit Suisse AG (“Credit Suisse”) today announced the event acceleration
of its VelocityShares™ Daily Inverse VIX Short Term ETNs (“XIV”) due
to an acceleration event. The acceleration date is expected to be February
21, 2018.
Since the intraday indicative value of XIV on February 5, 2018 was equal to
or less than 20% of the prior day’s closing indicative value, an
acceleration event has occurred. Credit Suisse expects to deliver an
irrevocable call notice with respect to the event acceleration of XIV to The
Depository Trust Company by no later than February 15, 2018. The date of
the delivery of the irrevocable call notice, which is expected to be
February 15, 2018, will constitute the accelerated valuation date, subject
to postponement due to certain events. The acceleration date for XIV is
expected to be February 21, 2018, which is three business days after the
accelerated valuation date. On the acceleration date, investors will receive
a cash payment per ETN in an amount equal to the closing indicative value
of XIV on the accelerated valuation date. The last day of trading for XIV is
expected to be February 20, 2018. As of the date hereof, Credit Suisse will
no longer issue new units of XIV ETNs.
of its VelocityShares™ Daily Inverse VIX Short Term ETNs (“XIV”) due
to an acceleration event. The acceleration date is expected to be February
21, 2018.
Since the intraday indicative value of XIV on February 5, 2018 was equal to
or less than 20% of the prior day’s closing indicative value, an
acceleration event has occurred. Credit Suisse expects to deliver an
irrevocable call notice with respect to the event acceleration of XIV to The
Depository Trust Company by no later than February 15, 2018. The date of
the delivery of the irrevocable call notice, which is expected to be
February 15, 2018, will constitute the accelerated valuation date, subject
to postponement due to certain events. The acceleration date for XIV is
expected to be February 21, 2018, which is three business days after the
accelerated valuation date. On the acceleration date, investors will receive
a cash payment per ETN in an amount equal to the closing indicative value
of XIV on the accelerated valuation date. The last day of trading for XIV is
expected to be February 20, 2018. As of the date hereof, Credit Suisse will
no longer issue new units of XIV ETNs.