Archive for 'Credit Suisse'

Precious Metals Take a Dive in September

Precious Metals Take a Dive in September

Precious Metals Take a Dive in September-Image by digitalmoneyworld via Flickr

Nelson Louie, Global Head of Commodities in Credit Suisse’s Asset Management division, said, “Investor and consumer sentiment has continued to deteriorate and this may further impact the rate of economic growth.  However, fundamentals for certain commodities remain positive.  Prices will continue to be sensitive to exogenous shocks (i.e. labor unrest, geo-political risk, weather related disruptions) in the face of tightening global supplies and higher demand over the last several years.  While investors have been increasingly focused on a possible sharp China slowdown this year, the main source of volatility in commodities demand over the coming months may be derived from European economies rather than from China.”

Christopher Burton, Senior Portfolio Manager for the Credit Suisse Total Commodity Return Strategy, added, “Overall, fiscal and monetary policies in the US and Europe are expected to remain accommodative.  In addition, the amount of easing and the length of the stimulus period are likely to increase as policy makers continue their debate.  Such measures will most likely increase the odds of greater-than-expected inflation over time.  The reconciliation of these issues can impact traditional asset classes and commodities in different ways.  We believe investors will continue to benefit from the long term diversification benefits that commodities provide.”

The Dow Jones-UBS Commodity Index Total Return was down by 14.73% in September.  Overall, 17 out of 19 index constituents decreased in value.  Industrial Metals was the worst performing sector, given the sector’s high correlation with global growth, ending the month down 20.06%.  Signs continued to suggest growth would slow in the developed world while worries over the sustainability of China’s growth intensified.  Chinese and European Purchasing Managers Index (“PMI”) readings came in weaker than expected.  However, Chinese trade data has continued to hold up thus far.  Refined Copper imports continued their recovery from April’s lows; Aluminum imports rose sharply, turning China once more into a net importer; and Zinc imports climbed strongly month-on-month.  Agriculture ended the month lower, losing 18.97%, as grains led the complex lower on improved weather conditions and better-than-expected inventories.  Precious Metals also ended the month lower, losing 15.61%, led by Silver. The flight to US Treasuries and demand for US dollars towards the end of the month resulted in Gold being liquidated alongside other assets.  The Energy sector posted a loss of 11.23%, with all components trading lower.  While global Crude Oil demand growth has slowed from the high base of last year, fundamental data releases remain broadly supportive for the crude complex and demand remains healthy versus historical standards.  Livestock was the strongest sector, gaining 7.65% for September due to continued strong export demand and falling grain prices.

The Credit Suisse Total Commodity Return Strategy group periodically produces updates on relevant industry topics. For a copy of the team’s white paper, “Commodities Outlook: Increased Volatility, Increase Opportunity?“, please email csam.commodities@credit-suisse.com.

About the Credit Suisse Total Commodity Return Strategy

Credit Suisse’s Total Commodity Return Strategy has been managed for 17 years and seeks to outperform the return of a commodities index, such as the Dow Jones–UBS Commodity Index Total Return or the S&P GSCI Total Return Index, using both a quantitative and qualitative commodity research process. Commodity index total returns are achieved through:

  • Spot Return: price return on specified commodity futures contracts;
  • Roll Yield: impact due to migration of futures positions from near to far contracts; and
  • Collateral Yield: return earned on collateral for the futures.

As of September 30, 2011 the team managed approximately USD 10.1 billion in assets globally.

An investment in commodities is not a complete investment program and should represent only a portion of an investor’s portfolio management strategy.  Investment in commodity markets may not be suitable for all investors. Commodity markets are highly volatile and the risk of loss in commodities and commodity-linked investments can be substantial.

Credit Suisse AG

Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred to here as ‘Credit Suisse’). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 50,700 people. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Asset Management

In its Asset Management business, Credit Suisse offers products across a broad spectrum of investment classes, including hedge funds, credit, index, real estate, commodities and private equity products, as well as multi-asset class solutions, which include equities and fixed income products. Credit Suisse’s Asset Management business manages portfolios, mutual funds and other investment vehicles for a broad spectrum of clients ranging from governments, institutions and corporations to private individuals. With offices focused on asset management in 19 countries, Credit Suisse’s Asset Management business is operated as a globally integrated network to deliver the bank’s best investment ideas and capabilities to clients around the world.

All businesses of Credit Suisse are subject to distinct regulatory requirements; certain products and services may not be available in all jurisdictions or to all client types.

Important Legal Information

This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change without obligation to update. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not a guide to future performance. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.

Certain information contained in this document constitutes “Forward-Looking Statements” (including observations about markets and industry and regulatory trends as of the original date of this document), which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe”, or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties beyond our control, actual events, results or performance may differ materially from those reflected or contemplated in such forward-looking statements. Readers are cautioned not to place undue reliance on such statements. Credit Suisse has no obligation to update any of the forward-looking statements in this document.

Certain risks relating to investing in Commodities and Commodity-Linked Investments:   Exposure to commodity markets should only form a small part of a diversified portfolio. Investment in commodity markets may not be suitable for all investors. Commodity investments will be affected by changes in overall market movements, commodity volatility, exchange-rate movements, changes in interest rates, and factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Commodity markets are highly volatile. The risk of loss in commodities and commodity-linked investments can be substantial. There is generally a high degree of leverage in commodity investing that can significantly magnify losses. Gains or losses from speculative derivative positions may be much greater than the derivative’s original cost. An investment in commodities is not a complete investment program and should represent only a portion of an investor’s portfolio management strategy.

Copyright © 2011, CREDIT SUISSE GROUP AG and/or its affiliates.  All rights reserved.

CONTACT: Katherine Herring, Corporate Communications, +1-212-325-7545, katherine.herring@credit-suisse.com

Web Site: http://www.credit-suisse.com

Commodities Sluggish But Still Outperform Equities

Commodities demonstrated mixed performance in August as market participants grew increasingly concerned about the extent of the global growth slowdown.

Nelson Louie, Global Head of Commodities in Credit Suisse’s Asset Management division, said, “Commodities demonstrated mixed performance in August as weaker macroeconomic data and uncertainty surrounding the state of the global economy continued to impact markets.  Falling consumer confidence, poor non-farm payroll figures, and other weak leading economic indicators are increasing recessionary fears.  However, realized data from July on global industrial production momentum indicated a rebound began in May.  Chinese trade data for July suggests economic activity is still robust, with imports of key commodities remaining strong.  Fundamentals for key commodities look to be growing increasingly tight in the face of strong demand and constraints on supply growth.”

Christopher Burton, Senior Portfolio Manager for the Credit Suisse Total Commodity Return Strategy, added, “While increased volatility and risk aversion were common themes across capital and commodity markets in August, commodities outperformed equities with the S&P 500 losing 5.43%.  We believe investors will continue to benefit from the diversification benefits that commodities provide.”

The Dow Jones-UBS Commodity Index Total Return was up by 1.00% in August.  Overall, 8 out of 19 index constituents increased in value.  Precious Metals was the strongest sector, gaining 10.10% for August, due to continued strong investor demand.  Agriculture was also a strong performer, up 9.22%, led by grains and Coffee.  Estimates for Corn yield were reduced to lower than the USDA’s latest estimates amid the recent hot and dry weather damaging the developing crop. This may suggest that the USDA will ultimately reduce their production and ending inventory expectations.  Livestock ended the month lower, losing 4.60%, led by Lean Hogs on expectations that previously strong China export demand may ease and that hog weights may improve in the fall.  Higher feed costs also mean livestock may be brought to market sooner than expected.  The Energy sector posted a loss of 4.92%, with all components trading lower.  Fundamental data releases remained broadly supportive for the crude complex, but concerns increased that demand would eventually falter.  Industrial Metals was the worst performing sector, given the sector’s high correlation with global growth, ending the month down 7.48%. Fears of a hard landing in China weighed on the sector, as did concerns growth would slow in the developed world.

The Credit Suisse Total Commodity Return Strategy group periodically produces updates on relevant industry topics. For a copy of the team’s white paper, “Commodities Outlook: Increased Volatility, Increase Opportunity?“, please email csam.commodities@credit-suisse.com.

About the Credit Suisse Total Commodity Return Strategy

Credit Suisse’s Total Commodity Return Strategy has been managed for 17 years and seeks to outperform the return of a commodities index, such as the Dow Jones–UBS Commodity Index Total Return or the S&P GSCI Total Return Index, using both a quantitative and qualitative commodity research process. Commodity index total returns are achieved through:

  • Spot Return: price return on specified commodity futures contracts;
  • Roll Yield: impact due to migration of futures positions from near to far contracts; and
  • Collateral Yield: return earned on collateral for the futures.

As of August 31, 2011 the team managed approximately USD 11.4 billion in assets globally.

An investment in commodities is not a complete investment program and should represent only a portion of an investor’s portfolio management strategy.  Investment in commodity markets may not be suitable for all investors. Commodity markets are highly volatile and the risk of loss in commodities and commodity-linked investments can be substantial.

Credit Suisse AG

Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred to here as ‘Credit Suisse’). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 50,700 people. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Asset Management

In its Asset Management business, Credit Suisse offers products across a broad spectrum of investment classes, including hedge funds, credit, index, real estate, commodities and private equity products, as well as multi-asset class solutions, which include equities and fixed income products. Credit Suisse’s Asset Management business manages portfolios, mutual funds and other investment vehicles for a broad spectrum of clients ranging from governments, institutions and corporations to private individuals. With offices focused on asset management in 19 countries, Credit Suisse’s Asset Management business is operated as a globally integrated network to deliver the bank’s best investment ideas and capabilities to clients around the world.

All businesses of Credit Suisse are subject to distinct regulatory requirements; certain products and services may not be available in all jurisdictions or to all client types.

Important Legal Information

This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change without obligation to update. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not a guide to future performance. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.

Certain information contained in this document constitutes “Forward-Looking Statements” (including observations about markets and industry and regulatory trends as of the original date of this document), which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe”, or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties beyond our control, actual events, results or performance may differ materially from those reflected or contemplated in such forward-looking statements. Readers are cautioned not to place undue reliance on such statements. Credit Suisse has no obligation to update any of the forward-looking statements in this document.

Certain risks relating to investing in Commodities and Commodity-Linked Investments: Exposure to commodity markets should only form a small part of a diversified portfolio. Investment in commodity markets may not be suitable for all investors. Commodity investments will be affected by changes in overall market movements, commodity volatility, exchange-rate movements, changes in interest rates, and factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Commodity markets are highly volatile. The risk of loss in commodities and commodity-linked investments can be substantial. There is generally a high degree of leverage in commodity investing that can significantly magnify losses. Gains or losses from speculative derivative positions may be much greater than the derivative’s original cost. An investment in commodities is not a complete investment program and should represent only a portion of an investor’s portfolio management strategy.

Copyright © 2011, CREDIT SUISSE GROUP AG and/or its affiliates.  All rights reserved.

CONTACT: Katherine Herring, Corporate Communications, +1-212-325-7545, katherine.herring@credit-suisse.com

Web Site: http://www.credit-suisse.com

Basic Energy Services, Inc. (NYSE: BAS) (“Basic”) today announced the commencement of a secondary public offering of 9,000,000 shares of common stock owned by DLJ Merchant Banking Partners III, L.P. and affiliated funds (the “Selling Stockholders”).  The underwriters are expected to be granted a 30-day option to purchase up to 1,350,000 additional shares from the Selling Stockholders.

Basic will not receive any proceeds from the offering and the number of outstanding shares of Basic’s common stock will remain unchanged.  The offering will be made pursuant to an automatically effective shelf registration statement on Form S-3, which was filed with the Securities and Exchange Commission today.

Goldman, Sachs & Co., Jefferies & Company, Inc. and Credit Suisse Securities (USA) LLC are acting as joint book-running managers for the offering. A copy of the preliminary prospectus supplement and accompanying base prospectus relating to this offering may be obtained from:

  • Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, NY 10282; (866) 471-2526; prospectus-ny@ny.email.gs.com;
  • Jefferies & Company, Inc., Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022; (888) 449-2342; prospectus_department@jefferies.com; or
  • Credit Suisse Securities (USA) LLC Prospectus Department, One Madison Avenue, Level 1B, New York, NY 10010; (800) 221-1037.

 

This press release does not constitute an offer to sell or a solicitation of any offer to buy any securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.  The offer is being made only through the prospectus supplement and accompanying base prospectus.

This press release contains forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events based on assumptions and estimations that management believes are reasonable given currently available information.  Forward-looking statements in this press release relate to, among other things, the pending offering.  Information on risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements is available in Basic’s filings with the Securities and Exchange Commission.

Contacts: Alan Krenek, Chief Financial Officer
Basic Energy Services, Inc.
432-620-5510
Jack Lascar/Sheila Stuewe
DRG&L / 713-529-6600

http://basicenergyservices.com

Investors expect to increase commodity investments over the next 12 months, even though short-term uncertainty is keeping them on the sidelines for now, according to a new survey by Credit Suisse.

Credit Suisse conducted the survey as part of its inaugural 2011 New York City Commodities Day on Tuesday, June 28, with a gathering of nearly 400 clients covering a wide cross section of institutional investors, retail distributors, mutual funds and hedge funds.

The survey found that 36% of investors classified themselves as currently “underweight” in commodities, with a further 10% having zero exposure. However, when asked about their expected investment level over the next 12 months, 40% expected to become “overweight” commodities and only 3% as still having zero exposure.

Two-thirds ( 65%) of respondents believe that commodities prices in 12 months will be around current levels or higher, with roughly half of those expecting prices to be at least 10% higher. That compares with only 13% that expect prices to be at least 10% lower, but a significant proportion (23%) admitted to having “no idea”.

Despite the recent moderation in oil prices, investors remain bullish on crude oil, with 76% believing that the oil price has yet to peak. Dismissing a dominant role of market speculation in determining oil prices, 72% said they believe energy prices are primarily driven by market fundamentals. Copper remains the favorite base metal, with 59% seeing it has having the best 12-month outlook of the group. However, the price path for commodities is expected to remain challenging, with 55% expecting realized price volatility to increase over the next 12 months.

The survey also examined the trend away from broad market benchmarks into more specialized products for commodity exposures. 45% of respondents said they view commodity ETFs as likely to receive the greatest asset flow, while 40% saw active indices and fundamentally based directional trading as the key growth areas. In comparison, only 5% said beta benchmarks will be growth products within commodities. In a separate question about Dodd-Frank regulatory changes, 74% said they expect no significant impact on their commodities investment activities.

“Overall sentiment towards commodities as an asset class is constructive, but investors are under allocated due to concerns about short term direction and volatility,” said Oscar Bleetstein, Head of Commodity Investor Sales for the Americas at Credit Suisse.  “However, the survey confirmed our views that if and when confidence starts to return, investors are likely to increase exposure significantly and find managers or products that can accommodate this new environment.”

Credit Suisse

Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred to here as ‘Credit Suisse’). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 50,100 people. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Investment Banking

In its Investment Banking business, Credit Suisse offers securities products and financial advisory services to users and suppliers of capital around the world. Operating in 57 locations across 30 countries, Credit Suisse is active across the full spectrum of financial services products including debt and equity underwriting, sales and trading, mergers and acquisitions, investment research, and correspondent and prime brokerage services.

Asset Management

In its Asset Management business, Credit Suisse offers products across a broad spectrum of investment classes, including hedge funds, credit, index, real estate, commodities and private equity products, as well as multi-asset class solutions, which include equities and fixed income products. Credit Suisse’s Asset Management business manages portfolios, mutual funds and other investment vehicles for a broad spectrum of clients ranging from governments, institutions and corporations to private individuals. With offices focused on asset management in 19 countries, Credit Suisse’s Asset Management business is operated as a globally integrated network to deliver the bank’s best investment ideas and capabilities to clients around the world.

All businesses of Credit Suisse are subject to distinct regulatory requirements; certain products and services may not be available in all jurisdictions or to all client types.

http://www.credit-suisse.com

Credit Suisse Institutes 10-for-1 Split

Credit Suisse AG announced today that it will implement a 10-for-1 split of its VelocityShares™ Daily Inverse VIX Short Term ETN linked to the S&P 500 VIX Short-Term Futures™ Index (traded on the NYSE Arca under ticker symbol XIV) and an 8-for-1 split of its VelocityShares™ Daily Inverse VIX Medium Term ETN linked to the S&P 500 VIX Mid-Term Futures™ Index (traded on the NYSE Arca under ticker symbol ZIV) effective Monday, June 27, 2011. On June 15, 2011, the closing indicative value of the XIV ETNs was $159.76 and the closing indicative value of the ZIV ETNs was $130.91.

The split will affect ETN trading denominations, but it will not have any effect on the principal amount of the underlying notes.

The record date for the split of each of the ETNs will be the close of business, New York time, on June 23, 2011.  The payment date will be June 24, 2011.  The closing indicative value of the XIV ETNs and the ZIV ETNs on June 24, 2011 will be divided by ten and eight, respectively, to determine the split-adjusted value of the ETNs on June 27, 2011. The split of each of the ETNs will be effective at the close of trading on June 24, 2011 and the ETNs will begin trading on the NYSE Arca on a split-adjusted basis on June 27, 2011.

About Credit Suisse AG

Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred to here as “Credit Suisse”). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 50,100 people. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

“Standard & Poor’s®“, “S&P®“, “S&P 500®“, “Standard & Poor’s 500™”, “S&P 500 VIX Short-Term Futures™” and “S&P 500 VIX Mid-Term Futures™” are trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and have been licensed for use by Credit Suisse AG. “VIX” is a trademark of the Chicago Board Options Exchange, Incorporated (“CBOE”) and has been licensed for use by S&P. The ETNs are not sponsored, endorsed, sold or promoted by S&P or CBOE and S&P and CBOE make no representation regarding the advisability of investing in the ETNs.

VelocityShares, VelocityShares ETNs and the VelocityShares logo are service marks of VelocityShares, LLC.
http://www.credit-suisse.com

Commodities Keep Rolling Along

Commodities posted gains in April despite mixed macroeconomic conditions. Prices were supported by increased inflation expectations and ongoing tensions in the Middle East.

Nelson Louie, Global Head of Commodities at Credit Suisse Asset Management, said, “Prices of risky assets generally increased for the month of April, while the US dollar continued to weaken. Precious metals once again took the spotlight in April, posting strong gains amidst currency uncertainty. Investor focus shifted towards the US debt burden, after Standard & Poor’s put the US on negative watch for the first time. Meanwhile, other countries, such as the UK, France and Germany, have also taken steps to address deficit reduction issues. Concerns over accelerated inflation in various parts of the world, and the future plans of troubled European nations, added to the risk premium for precious metals, while the ongoing situation in the Middle East coupled with strong export demand pushed Crude prices higher.”

Christopher Burton, Senior Portfolio Manager for the Credit Suisse Total Commodity Return Strategy, added, “With economies around the world improving, and continued extraordinarily loose monetary policy in the United States, odds of inflation overshooting historical levels and expectations remain elevated.  We believe investors will continue to benefit from the diversification benefits that commodities provide.”

The Dow Jones-UBS Commodity Index Total Return was up by 3.46% in April.  Overall, 11 out of 19 index constituents increased in value, with Precious Metals serving as the strongest sector as both Gold and Silver increased. Energy continued to fare well in April, gaining 5.90%, with Gasoline and Crude Oil leading the way, up 8.92% and 6.08% respectively.  Agriculture was neutral with mixed performance from its components. Gains on Corn (+7.70%) and Coffee helped to offset losses from Cotton and Sugar.  The Industrials Metals sector was down slightly, declining 0.50% for the month.  Concerns remain that Chinese economic growth may slow, curbing base metals demand.  Livestock was the worst performing sector, down 7.12%, erasing its gains from the first quarter when it was the Index’s top performing sector.  Lean Hogs fell 8.32% while Live Cattle declined 6.30% due to signs that consumers were curbing demand amid higher retail prices.

The Credit Suisse Total Commodity Return Strategy group periodically produces updates on relevant industry topics. For a copy of their white paper, “How Commodities Can Help Investors Face the Uncertainty of the Inflation/Deflation Debate“, please email ir.betastrategies@credit-suisse.com.

About the Credit Suisse Total Commodity Return Strategy

Credit Suisse’s Total Commodity Return Strategy has been managed for fourteen years and seeks to outperform the return of a commodities index, such as the Dow Jones–UBS Commodity Index Total Return or the S&P GSCI Total Return Index, using a quantitative commodity research process. Commodity index total returns are achieved through:

  • Spot Return: price return on specified commodity futures contracts;
  • Roll Yield: impact due to migration of futures positions from near to far contracts; and
  • Collateral Yield: return earned on collateral for the futures.

As of April 30, 2011 the team managed approximately USD 10.7 billion in assets globally.

Credit Suisse AG

Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred to here as ‘Credit Suisse’). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 50,100 people. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Asset Management

In its Asset Management business, Credit Suisse offers products across a broad spectrum of investment classes, including hedge funds, credit, index, real estate, commodities and private equity products, as well as multi-asset class solutions, which include equities and fixed income products. Credit Suisse’s Asset Management business manages portfolios, mutual funds and other investment vehicles for a broad spectrum of clients ranging from governments, institutions and corporations to private individuals. With offices focused on asset management in 19 countries, Credit Suisse’s Asset Management business is operated as a globally integrated network to deliver the bank’s best investment ideas and capabilities to clients around the world.

All businesses of Credit Suisse are subject to distinct regulatory requirements; certain products and services may not be available in all jurisdictions or to all client types.

Important Legal Information

This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change without obligation to update. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not a guide to future performance. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.

Certain information contained in this document constitutes “Forward-Looking Statements” (including observations about markets and industry and regulatory trends as of the original date of this document), which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe”, or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties beyond our control, actual events, results or performance may differ materially from those reflected or contemplated in such forward-looking statements. Readers are cautioned not to place undue reliance on such statements. Credit Suisse has no obligation to update any of the forward-looking statements in this document.

Copyright © 2011, CREDIT SUISSE GROUP AG and/or its affiliates.  All rights reserved.

CONTACT: Katherine Herring, Corporate Communications, Credit Suisse, +1-212-325-7545, katherine.herring@credit-suisse.com

Web Site: http://www.credit-suisse.com

Dice Holdings, Inc. (NYSE: DHX) today announced a public offering of 8,000,000 shares of common stock by certain stockholders, including affiliates of General Atlantic LLC and Quadrangle Group LLC. The Company will not receive any of the proceeds from the offering of shares by the selling stockholders.

Credit Suisse is acting as the sole underwriter for the offering.

A shelf registration statement relating to the offering of the common stock has previously been filed with the U.S. Securities and Exchange Commission and has become effective. The offering is being made only by means of a prospectus supplement and accompanying prospectus, forming an effective part of the registration statement. Before investing, you should read the prospectus supplement and the accompanying prospectus for information about Dice Holdings, Inc., the selling stockholders and this offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. A copy of the prospectus relating to the offering may be obtained from Credit Suisse, Attn: Prospectus Dept., One Madison Avenue, New York, NY 10010, telephone:  800-221-1037.

About Dice Holdings, Inc.

Dice Holdings, Inc. (NYSE: DHX) is a leading provider of specialized career websites for professional communities, including technology and engineering, financial services, energy, healthcare, and security clearance. Our mission is to help our customers source and hire the most qualified professionals in select and highly skilled occupations, and to help those professionals find the best job opportunities in their respective fields and further their careers. For more than 20 years, we have built our company by providing our customers with quick and easy access to high-quality, unique professional communities and offering those communities access to highly relevant career opportunities and information. Today, we serve multiple markets primarily in North America, Europe, the Middle East, Asia and Australia.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Forward-looking statements include information concerning our possible or assumed future results of operations, including descriptions of our business strategy. These statements often include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions, including without limitation statements under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These statements are based on assumptions that we have made in light of our experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors include, but are not limited to, competition from existing and future competitors in the highly competitive developing market in which we operate, failure to adapt our business model to keep pace with rapid changes in the recruiting and career services business, failure to maintain and develop our reputation and brand recognition, failure to increase or maintain the number of customers who purchase recruitment packages, cyclicality or downturns in the economy or industries we serve, the failure to attract qualified professionals to our websites or grow the number of qualified professionals who use our websites, the failure to successfully identify or integrate acquisitions, U.S. and foreign government regulation of the Internet and taxation, our ability to borrow funds under our revolving credit facility or refinance our indebtedness and restrictions on our current and future operations under our credit facility. These factors and others are discussed in more detail in the Company’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2010, under the headings “Risk Factors,” “Forward-Looking Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and which is incorporated by reference into the prospectus.

You should keep in mind that any forward-looking statement made by us herein, or elsewhere, speaks only as of the date on which we make it. New risks and uncertainties come up from time to time, and it is impossible for us to predict these events or how they may affect us. We have no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.

Investors & Media Contact:

Dice Holdings, Inc.
Jennifer Bewley, 212-448-4181
Director, Investor Relations & Corporate Communications
ir@dice.com
http://www.diceholdingsinc.com

Standard & Poor’s, the world’s leading index provider, announced today that its ETF licensing business experienced exceptional growth in 2010, as 95 ETFs based upon its family of stock market indices were launched in 2010 – the biggest annual total in Standard & Poor’s history – raising the number of ETFs linked to S&P Indices to 301.

2010 was characterized by unprecedented growth in S&P Indices’ international licensing business, with ETF launches outside of the United States outpacing those from within. Of the 95 new ETFs tracking Standard & Poor’s family of indices, 57 were listed outside of the US. The greatest growth was in Europe, where 29 new ETFs were launched by product providers in 2010 – more than doubling the total for the region.

In Europe, S&P Indices licensed eight product providers (Amundi, BNP Paribas, Commerzbank, Credit Suisse, Deutsche Bank, HSBC, Lyxor, and Source) to launch ETFs based on the S&P 500 providing greater access to the U.S. equity market.

In the U.S., S&P Indices and Vanguard finalized an agreement that has so far resulted in 10 new ETFs for U.S. domestic investors. Additionally, S&P Indices entered into an agreement with SSgA that transitioned seven of their existing ETFs, including their style series, to S&P benchmarks.

S&P Indices also expanded its footprint in Asia Pacific, highlighted by a landmark licensing agreement with Bosera Asset Management for an S&P 500 ETF in China. In addition, S&P Indices relocated its head of ETF licensing to Asia in an effort to catalyze additional growth in the region.

For its efforts in index development, S&P Indices was recognized with several industry awards in 2010 including:

  • Most Innovative Index Provider of the Year: Structured Products Americas Awards 2010
  • Most Innovative Index Provider of the Year: Structured Products Europe Awards 2010
  • Best Local Provider of Indices: AsianInvestor in their 2010 Service Provider Awards
  • Best Index Provider of the Year: Asia Asset Management Awards 2010

“Our ETF licensing business is well positioned to contribute to S&P Indices’ growth in 2011 as our reach becomes increasingly global and investors allocate more of their assets to ETFs,” says Alexander Matturri, Executive Managing Director at S&P Indices. “We believe 2011 will bring further growth in ETF development throughout the world and across a variety of asset classes including equity, fixed income and commodities where we are already well positioned with leading index products and services.”

For more information about S&P Indices, please visit: www.standardandpoors.com/indices.

About S&P Indices

S&P Indices, the world’s leading index provider, maintains a wide variety of investable and benchmark indices to meet an array of investor needs. Over $1.25 trillion is directly indexed to Standard & Poor’s family of indices, which includes the S&P 500, the world’s most followed stock market index, the S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, the S&P Global BMI, an index with approximately 11,000 constituents, the S&P GSCI, the industry’s most closely watched commodities index, and the S&P National AMT-Free Municipal Bond Index, the premier investable index for U.S. municipal bonds. For more information, please visit www.standardandpoors.com/indices.

Standard & Poor’s does not sponsor, endorse, sell or promote any S&P index-based investment product.  This document does not constitute an offer of services in jurisdictions where Standard & Poor’s or its affiliates do not have the necessary licenses.  Standard & Poor’s receives compensation in connection with licensing its indices to third parties.

CONTACT: David R. Guarino, Standard & Poor’s, Communications, New York, +1-212-438-1471, dave_guarino@standardandpoors.com; or Lisa Nugent, Standard & Poor’s, Communications, London, +44-20-7176-3501, lisa_nugent@standardandpoors.com

Web Site: http://www.standardandpoors.com

Commodity markets were markedly higher in December as fundamental supply and demand characteristics strengthened and the global macroeconomic outlook improved.  Each commodity in the index appreciated over the course of the month.

Nelson Louie, Global Head of Commodities at Credit Suisse Asset Management said, “Global macroeconomic conditions and fundamentals were broadly supportive of commodities in December and we believe this theme is likely to continue heading into the New Year.  Inventory levels generally remain tight, supply disruptions continue to add further supply pressure for multiple commodities, and demand generally continues to grow in emerging markets and recover in developed markets.”

Christopher Burton, Senior Portfolio Manager for the Credit Suisse Total Commodity Return Strategy added, “Heading into 2011, global growth prospects in developed and emerging regions seem to be improving, a scenario which should likely benefit commodities prices across sectors.  Specifically, we would expect Industrial Metals and Energy prices to continue to increase as developing countries seek to build out their infrastructures.  Additionally, improving growth expectations for the US and Europe, due largely to the continued accommodative monetary policies of their Central Banks, may further benefit the Precious Metals sector as well as commodities overall.”

The Dow Jones-UBS Commodity Index Total Return rose 10.69% in December, bringing the year-to-date performance to 16.83%. Overall, all of the 19 index constituents increased in value.  The Precious Metals sector closed 2010 as the index’s best performing sector, up 4.78% in December and 42.66% for the year.  Gold continues to be a highly sought commodity amongst investors and Central Banks alike, while Silver continues to be coveted by investors for its dual usage as a store-of-value and an industrial metal.  The Energy sector was the only sector to finish in negative territory in 2010, decreasing 10.55%.  Natural Gas, the year’s worst performing commodity, lost 40.59% amidst rising inventory levels and diminishing demand.

The Credit Suisse Total Commodity Return Strategy group periodically produces updates on relevant industry topics. For a copy of their new white paper, “How Commodities Can Help Investors Face the Uncertainty of the Inflation/Deflation Debate“, please email ir.betastrategies@credit-suisse.com.

About the Credit Suisse Total Commodity Return Strategy

Credit Suisse’s Total Commodity Return Strategy has been managed for fourteen years and seeks to outperform the return of a commodities index, such as the Dow Jones–UBS Commodity Index Total Return or the S&P GSCI Total Return Index, using a quantitative commodity research process. Commodity index total returns are achieved through:

  • Spot Return: price return on specified commodity futures contracts;
  • Roll Yield: impact due to migration of futures positions from near to far contracts; and
  • Collateral Yield: return earned on collateral for the futures.

As of December 31, 2010 the team managed approximately USD 8.1 billion in assets globally.

Credit Suisse AG

Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred to here as ‘Credit Suisse’). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 50,500 people. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Asset Management

In its Asset Management business, Credit Suisse offers products across a broad spectrum of investment classes, including hedge funds, credit, index, real estate, commodities and private equity products, as well as multi-asset class solutions, which include equities and fixed income products. Credit Suisse’s Asset Management business manages portfolios, mutual funds and other investment vehicles for a broad spectrum of clients ranging from governments, institutions and corporations to private individuals. With offices focused on asset management in 19 countries, Credit Suisse’s Asset Management business is operated as a globally integrated network to deliver the bank’s best investment ideas and capabilities to clients around the world.

All businesses of Credit Suisse are subject to distinct regulatory requirements; certain products and services may not be available in all jurisdictions or to all client types.

Important Legal Information

This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change without obligation to update. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not a guide to future performance. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.

Certain information contained in this document constitutes “Forward-Looking Statements” (including observations about markets and industry and regulatory trends as of the original date of this document), which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe”, or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties beyond our control, actual events, results or performance may differ materially from those reflected or contemplated in such forward-looking statements. Readers are cautioned not to place undue reliance on such statements. Credit Suisse has no obligation to update any of the forward-looking statements in this document.

Copyright © 2011, CREDIT SUISSE GROUP AG and/or its affiliates.  All rights reserved.

CONTACT: Katherine Herring, Corporate Communications, Credit Suisse, +1-212-325-7545, katherine.herring@credit-suisse.com

Web Site: http://www.credit-suisse.com

Commodities: Hedge Against Inflation

Commodities: Hedge Against Inflation

Commodities: Hedge Against Inflation-Image via Wikipedia

Credit Suisse’s Total Commodity Return Strategy team today announced the release of a new white paper entitled, “How Commodities Can Help Investors Face the Uncertainty of the Inflation/Deflation Debate.”

In the wake of the 2007–2009 global financial crisis there have been heated debates over which is the greater macroeconomic risk facing the world’s developed economy: inflation or deflation. The lack of consensus on the outlook for inflation presents a challenge to investors on how to prepare for unexpected shifts in the global inflationary environment.

The new white paper explains how incorporating commodities into an overall portfolio allocation can act as a hedge against inflation, and more importantly, against unexpected inflation.  Some of the key findings included in the report are:

  • Uncertainty increases the risk that any rise in inflation will be “unexpected” (i.e., it will not be properly priced into market valuations); exposure to real assets such as commodities could help investors address this challenge;
  • Commodities are most effective at hedging unexpected inflation as expected changes to inflation are generally already factored into security prices;
  • Unlike other investments, such as TIPS, commodities may also provide important diversification benefits which may help improve an investor’s overall risk/return profile. Diversification is typically best achieved using a broad basket of commodities to smooth out the volatility of individual commodities, such as oil or gold;
  • Regardless of the results of the inflation/deflation debate, the outcome will undoubtedly be “unexpected” which supports the argument that commodities can help hedge a diversified portfolio against changing inflation conditions.

For a copy of the new white paper, please click here or email ir.betastrategies@credit-suisse.com.

About the Credit Suisse Total Commodity Return Strategy

Credit Suisse’s Total Commodity Return Strategy has been managed for fourteen years and seeks to outperform the return of a commodities index, such as the Dow Jones–UBS Commodity Index Total Return or the S&P GSCI Total Return Index, using a quantitative commodity research process. Commodity index total returns are achieved through:

  • Spot Return: price return on specified commodity futures contracts;
  • Roll Yield: impact due to migration of futures positions from near to far contracts; and
  • Collateral Yield: return earned on collateral for the futures.

As of November 30, 2010 the team managed approximately USD 7.1 billion in assets globally.

Credit Suisse AG

Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred to here as ‘Credit Suisse’). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 50,500 people. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Asset Management

In its Asset Management business, Credit Suisse offers products across a broad spectrum of investment classes, including hedge funds, credit, index, real estate, commodities and private equity products, as well as multi-asset class solutions, which include equities and fixed income products. Credit Suisse’s Asset Management business manages portfolios, mutual funds and other investment vehicles for a broad spectrum of clients ranging from governments, institutions and corporations to private individuals. With offices focused on asset management in 19 countries, Credit Suisse’s Asset Management business is operated as a globally integrated network to deliver the bank’s best investment ideas and capabilities to clients around the world.

All businesses of Credit Suisse are subject to distinct regulatory requirements; certain products and services may not be available in all jurisdictions or to all client types.

Important Legal Information

This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change without obligation to update. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not a guide to future performance. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.

Certain information contained in this document constitutes “Forward-Looking Statements” (including observations about markets and industry and regulatory trends as of the original date of this document), which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe”, or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties beyond our control, actual events, results or performance may differ materially from those reflected or contemplated in such forward-looking statements. Readers are cautioned not to place undue reliance on such statements. Credit Suisse has no obligation to update any of the forward-looking statements in this document.

Copyright © 2010, CREDIT SUISSE GROUP AG and/or its affiliates.  All rights reserved.

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