Société Générale is marketing its first reverse convertible in the UK market since 2008. The income structure is aimed at self-directed investors.
Range 8 Income is a five-year 60% soft-protected certificate linked to the FTSE100. An 8% annualised coupon is accrued pro rata for each day the index is below 121% and above 23% of its initial level.
According to SRP data, this is the fourth reverse convertible in the UK this year. Gilliat has issued two in its Income Builder Series, both hedged by RBS, which itself raised £40m for its Range Accrual Certificate in March.
Range 8 Income is issued by Société Générale Acceptance and traded on the London Stock Exchange. Barclays Stockbrokers acts as distribution partner. The product will be open until 18 April. Minimum investment is £500.
This product is available in Recent Additions (UK).