Swedish Export Kredit features highly into April's sales figures in the US, taking the top US sales spot so far this month with the $59.5m it raised for its One-Year Commodity Index Linked note.
The capital-at-risk growth and income notes linked to the DJ UBS Commodity TR Index pays a quarterly coupon equal to the 3 month USD Libor pa. decreased by 0.50%, reset quarterly, over the investment period. If the closing level of the index at any time during the investment period falls by 15% or more from its initial level, the product terminates. At maturity, the note which has a leverage long with stop loss pay-off, will re-pay the initial investment in full plus/minus 300% of the performance in the rise/fall of the index. The product strikes on 15 April.
According to SRP data, seven products linked to this proprietary index have been marketed so far this year with a total sales volume of $163.2m. Deutsche Bank has issued four structured notes linked to the DJ UBS Commodity TR Index with a sales volume of $84m; SEK has launched two with a combined volume of $71.5m; and Bank of America has marketed one product with a sales volume of $7.7m
This product is available in Recent Additions (US).