Wednesday, 17 July, 2019

Credit Suisse to redeem volatility note

Credit Suisse to redeem volatility note Credit Suisse to redeem volatility note
Russell Knight | 07 February, 2018, 03:59

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Credit Suisse said it would liquidate the VelocityShares note starting February 21. Visit MarketWatch.com for more information on this news. On Monday, the intraday value of the XIV dropped to 20 percent of its previous days closing value during the mid-day market crash. For years, the stock market was generally quiet so the VIX would trade at low values, making the VelocityShares note a popular way to make money in a low-volatility environment. Exchange traded notes are unsecured and unsubordinated debt securities issued by an underwriting bank. BlackRock Inc. has been calling for regulation that would clearly spell out the dangers associated with such inverse and leveraged exchange-traded products.

Credit Suisse Group is buying back one of its exchange-traded notes after volatility soared, triggering losses for the holders who had bet on muted market swings. The ProShares Short VIX Short-Term Futures ETF is meanwhile expected to open for business on Tuesday, ProShares Advisors, which manages the fund, said in a statement.

The spike in volatility caused investors to flee the VelocityShares note en masse. The VIX jumped from a value of 17.31 on Friday to 37.32 on Monday, a more than 115 percent surge in one day.

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Nomura Europe Finance said on Tuesday that it will redeem its Tokyo Stock Exchange-listed S&P 500 Vix Inverse ETN, after a sharp equity sell-off since late last week triggered a massive jump in the USA stock volatility index. The ETN had a market value of about $2.2 billion at its record high on January 11.

Nomura said it will redeem the notes early, based on the their provision that they will be redeemed when the inverse volatility index falls more than 80 percent.

Credit Suisse stock traded lower by 0.9 percent Tuesday morning and is now down 6.1 percent in the past week.

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dale Crofts at dcrofts@bloomberg.net.

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