We are pleased to present a new investment product, namely, the Bank Recovery Note, offering investor a principal protected access to participate in the potential recovery of Banking sector relative to the equity sector in general. As always, we are happy to structure this in different currency and different investment terms to suit your requirements. Please let us know if you would like to further discuss the mechanics of this product. *** BANK RECOVERY NOTE *** Highlights n 4 or 5 years n Relative value n 100% capital protection at maturity n Exposure to the potential recovery of the European banking sector relative to the broad European equity market as a whole Investor Rationale As concerns over the state of economy has grown, equity prices have fallen sharply since July 2007. Banks have been one of the worst performing sectors in this period due to concerns on write-downs, capital funding and earnings. The graph below shows the performance of Dow Jones Europe STOXX Banks (“European Banks”) index compared to the Dow Jones Euro STOXX 50 (“European Equity”). Since the recent top of the market in July 2007, the European Banks index has lost over 45% of its value, whilst the European Equity index lost 28% over the same period. The Bank Recovery Note is a 4/5-year product which gives investors the opportunity to participate in a potential recovery of European Banks measured relative to the performance of a diversified European Equity index. The entry-levels of both the European Banks index and the European Equity index are averaged-in during the first six months of the note. The note is 100% capital protected at maturity. How It Works The Bank Recovery Note is a 4/5-year capital protected product offering upside linked to the outperformance of the European Banks index over the European Equity index. Trade inception: During the first six months of the note, both of the indices are observed monthly and the average levels are recorded, in order to avoid a single entry point of the trade and to smooth the effect of a possible sell-off or rally in the reference indices. Payout at maturity: n The European Banks and the European Equity are observed monthly for the last year of the trade, and the average levels are recorded. n If European Banks have outperformed European Equity, then the investor receives 100% of this outperformance as well as 100% of the invested capital. n If European Banks have underperformed European Equity, the investor is returned 100% of the capital invested in the notes.
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[此贴子已经被作者于2008-9-16 10:13:30编辑过]
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