Barclays Capital has added two new products to its Structured Deposit Series for Offshore Bonds for use within offshore bonds and UK onshore life insurance company wrappers.
Protected Euro Split Deposit Account is a six-year euro-denominated protected growth and income product linked to the Eurostoxx50. A quarter of initial capital is allocated to a one-year deposit paying a 4% coupon and the remainder to a six-year deposit with 100% participation in the rise of the underlying index, with monthly averaging in the last year and a cap at 33%.
The bank is also marketing Protected Split Deposit Account, a similar sterling-denominated product that offers protected exposure to the FTSE100 index. It pays a 5% coupon on the fixed rate deposit and 100% participation in the FTSE, with monthly averaging in the last year and a cap at 50%.
David Macdonald, head of retail insurance solutions at Barclays Capital, said the launch responded to demand for products offering access to capital in the short term. He said the firm can create similar accounts denominated in other key currencies where demand is sufficient.
Both products will be open until 29 October. Minimum investment is £50,000 or euro equivalent.