Credit Suisse Offers Exchange-Traded Notes Tied to Commodities

Credit Suisse Group AG (CS), Switzerland’s second-largest bank, is offering two exchange-traded notes tied to commodities today for trading.

The Credit Suisse Commodity Rotation ETN is linked to a commodities benchmark where prompt contracts cost more than later deliveries, a phenomenon known as backwardation, according to a prospectus filed with the U.S. Securities and Exchange Commission. The securities trade under the ticker CSCR and have an annual fee of 0.85 percent.

The bank also started trading the Credit Suisse Commodity Benchmark ETN, which is joined to an index of 34 commodities with delivery periods as long as three months, according to a prospectus filed with the SEC. The securities trade under the ticker CSCB (CSCB) and have an annual fee of 0.65 percent.

Katherine Herring, a spokeswoman for Credit Suisse in New York, referred to a press release when asked for comment on the securities.

Credit Suisse issues seven other ETNs under its own name and 18 of the securities under the VelocityShares brand, according to data compiled by Bloomberg. The largest is the Credit Suisse Cushing 30 MLP Index ETN (MLPN), with $506.8 million in total assets, Bloomberg data show.

To contact the reporter on this story: Kevin Dugan in New York at kdugan4@bloomberg.net

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net

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