Following completion of the merger of UBS AG and Credit Suisse AG, Credit Suisse AG’s business was transferred to UBS AG, and Credit Suisse AG ceased to exist. At this time however, the two entities did not operationally merge and, as a result, we continue to have two sets of operational infrastructure and processes during this transitionary period.

Consequently UBS AG is now the sole parent entity and all direct subsidiaries of Credit Suisse AG have become direct subsidiaries of UBS AG, and all branches of Credit Suisse AG have been absorbed into existing or established as new branches of UBS AG (as the case may be). As such, Credit Suisse AG’s branches have been renamed as UBS Branches, with the exceptions of Credit Suisse AG, Taipei Securities Branch and Credit Suisse AG Shanghai Branch.

Click here for the latest updates on how we continue to serve clients.

These materials have been prepared by a member of the Trading Quantitative Strategies Modeling and Analytics team. The Trading Quantitative Strategies Modeling and Analytics team are employees of CS’s Fixed Income Trading Department and are supervised by trading managers. Their primary responsibility is to support the Fixed Income trading desk. To that end, the Trading Quantitative Strategies Modeling and Analytics team prepare materials describing analytical models (“materials”) in support of CS’s Fixed Income trading desks. The information in these materials has been obtained or derived from publicly available sources believed to be reliable, but CS makes no representations as to its accuracy or completeness. The Trading Quantitative Strategies Modeling and Analytics team may receive or develop additional or different information subsequent to your receipt of these materials. The materials provided by the Trading Quantitative Strategies Modeling and Analytics team are subject to change, and subsequent views may be inconsistent with information previously provided to you. CS does not undertake a duty to update these materials or to notify you when or whether the Trading Quantitative Strategies Modeling and Analytics team views have changed. These materials and other written and oral communications from the Trading Quantitative Strategies Modeling and Analytics team are provided for information purposes only, do not constitute a recommendation and are not a sufficient basis for an investment decision.

The Trading Quantitative Strategies Modeling and Analytics team are not part of Credit Suisse’s Research Departments, and the written materials disseminated by the Trading Quantitative Strategies Modeling and Analytics team are not research reports. The views of Credit Suisse’s Fixed Income trading desks may differ materially from the views of the Research Departments and other divisions at CS. Credit Suisse has a number of policies in place designed to ensure the independence of Credit Suisse’s Research Departments, including from Credit Suisse’s Fixed Income trading desks, including policies relating to trading securities prior to distribution of research reports. These policies do not apply to the materials provided by the Trading Quantitative Strategies Modeling and Analytics team. The Fixed Income trading desks trade or may trade as principal in the securities (or related securities) that are the subject of these materials. The Fixed Income trading desks may have accumulated, be in the process of accumulating, or accumulate long or short positions in the subject security or related securities on the basis of the Trading Quantitative Strategies Modeling and Analytics team materials. Trading desks may have, or take, positions inconsistent with materials provided by the Trading Quantitative Strategies Modeling and Analytics team.

In the United Kingdom, this information has been issued by Credit Suisse Securities (Europe) Ltd. ("CS"), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority for the conduct of investment business in the United Kingdom.

Credit Suisse is not acting and will not act as a municipal advisor within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations promulgated thereunder (“Municipal Advisor Rule”). Any services, material, or information that Credit Suisse provides to a municipal entity or obligated person as defined by the Municipal Advisor Rule (“Covered Party”) are provided on an arm’s length basis and not as an advisor or fiduciary to the Covered Party. Credit Suisse does not intend to make a recommendation or suggestion to any Covered Party concerning municipal derivatives, the issuance of municipal securities, the use of guaranteed investment contracts, or investment strategies for the proceeds of municipal securities or municipal escrow investments. Covered Parties should consult with their own internal and external advisors before taking action with respect to any services, material, or information provided to them by Credit Suisse.

Credit Suisse will not solicit a Covered Party for direct or indirect compensation on behalf of an unaffiliated broker, dealer, municipal securities dealer, or municipal advisor for the purpose of obtaining or retaining an engagement for that broker, dealer, municipal securities dealer, or municipal advisor by the Covered Party for or in connection with municipal derivatives, the issuance of municipal securities, the use of guaranteed investment contracts, or investment strategies for the proceeds of municipal securities or municipal escrow investments. Credit Suisse also will not solicit a Covered Party for direct or indirect compensation on behalf of an unaffiliated investment adviser for the purpose of obtaining or retaining an engagement for that investment adviser by the Covered Party to provide investment advisory services to or on behalf of the Covered Party.

In any instance where distribution of this communication is subject to the rules of the US Commodity Futures Trading Commission (“CFTC”), this communication constitutes an invitation to consider entering into a derivatives transaction under U.S. CFTC Regulations §§ 1.71 and 23.605, where applicable, but is not a binding offer to buy/sell any financial instrument.

Credit Suisse takes no responsibility for the content of any third-party site. Links to third-party sites are provided solely for your convenience and information; accessing such sites is at your own risk.

This is not Investment Research. These materials are intended for institutional customers (e.g., QIBs) of Credit Suisse only and must not be forwarded or shared with retail customers or the public.