Structured products

Protected Global Note 22  PGN 22 Step-Up Cappuccino

PGN 22 combines:

• 100% par value guarantee at maturity (excl. fees) 
• an investment that matures in four years
• 4 coupon payments capped at 6%, with
• a guaranteed minimum of 1.50% in the first year
• a guaranteed minimum of 1.75% in the second year
• a guaranteed minimum of 2% in the third year
• a guaranteed minimum of 2.25% in the fourth year 
• neutralised currency risk
  PGN 22 neutralises currency risk by a hedging mechanism that takes into account the correlation between the underlying stocks. This means that the value of the basket is calculated solely on the performance of each stock relative to its initial value.

Subscription period: 25/06/2009 – 24/07/2009

Linked documents

• PGN22 (PDF)

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