Société Générale has launched the first registered note for Taiwanese individual investors in over a year. The product is only available to those with savings of TWD30m ($1m).
SGA 10 Year USD Hybrid Dual Range Accrual Issuer Callable pays 5.98% pa pro rata for the number of days during the observation period on which the closing level of the USD Constant Maturity Swap Rate stays within a range 0-5.5% (inclusive) and the closing level of the S&P500 is at or above 750. At maturity, the product will repay initial capital plus any final coupon.
The product, which is callable by the issuer, is sold via Yuanta Bank for a minimum investment of USD10,000.
The last registered note to be sold in Taiwan, and the only note that year, was JPMorgan Structured Products' Gang Ao Shuang Xiong, launched in April 2009.
Before October 2008, around the time that Lehman Brothers collapsed, over 1,200 security-wrapped structured products were issued for Taiwanese investors. Since then there has been an effective ban on structured securities.
These products are available on the Taiwan database.