Cleary Gottlieb represented Gardner Finance AG as index sponsor in the offering by Credit Suisse of USD 191 million in principal amount of certificates linked to the Gardner Energy MacroIndex®, due 2010. At the same time, a fund of funds based on similar principles as the index attracted initial investments in the amount of USD 105 million.
The certificates, which are denominated in USD, EUR and CHF and have a built-in currency hedge, give investors the opportunity to participate in the performance of the Gardner Energy MacroIndex®, which is a total return index made up of hedge funds that engage in direct investments in the following sectors: (i) oilfield exploration and development, (ii) refining, processing, mining and chemical processes, (iii) pipelines and transportation, (iv) energy generation and storage, and (v) trading of energy products and public utilities. The index consists of at least 20 components in total and at least 3 components per sector and is denominated in USD. Its aim is to provide a macro view on the global energy markets by tracking the performance of selected energy funds.