Following the success in 2010 of a series of products linked to the Barclays Capital Armour index that raised over €100m, Barclays has continued the trend in 2012, becoming the only bank in the Portuguese structured retail market to issue products linked to proprietary underlyings.

The latest products linked to the bank's proprietary underlyings, Note Barclays TrendVol Ouro Fevereiro 2016 and Note Barclays TrendVol Ouro Dezembro 2015, both use Barclays Capital TrendVol Gold ER (USD) as the underlying with a capped call option. At maturity, the products return 100% of capital, plus 100% of the growth of the index.

The trend towards using proprietary indices began in 2010, when Barclays issued four capital-guaranteed notes linked to the Barclays Capital Armour index, all using uncapped call and portfolio insurance payoffs with tenors of between four and four-and-a-half years.

This trend, combining proprietary indices with relatively simple structures, continued throughout 2011. In May 2011, Barclays issued Note Barclays Green Chips Junho 2015, an uncapped call structure linked to the Barclays Capital Green Chips Risk Controlled 15% EUR ER Index. Two months later, the bank offered Note Barclays Retorno Cambial Setembro 2015, again using an uncapped call but this time using the Barclays Capital Commodity Producers Currency Index ER as the underlying. In October, Barclays issued Note Barclays Pódio Outubro 2015, linked to the Barclays Capital European Chips Risk Controlled ER, Barclays Capital UK Chips Risk Controlled ER and Barclays Capital US Chips Risk Controlled ER, this time using a rainbow payoff.

According to SRP.com data, Barclays is the only provider using proprietary indices in Portugal. With these five products from 2011 and 2012 Barclays has continued its 2010 success, raising over €115m.

Barclays' sources said that products linked to its own indices have been well accepted in the past and also contribute to diversifying its structured products portfolio, as well as offering thematic exposure.

These products are available in the Portuguese database.