Banco Popolare investment bank, Banca Aletti, has returned 107.5% to investors in Borsa Protetta ENI after just 12 months of investment.
The three-year product knocked out with a 7.5% coupon on 30 September, the first annual observation date on which the underlying share, Eni Spa, was higher than its strike price, registered one year ago.
If the product had continued to maturity, it would have paid 122.5% of the initial investment had the underlying share reached at least 100% of its strike level. If the underlying had fallen but stayed above 70% of its strike level, then the investor would have received the return of the capital invested. Otherwise, the product would have offered a capital return decreased by 1% for every 1% fall of Eni Spa below 70% of its strike level.
Banca Aletti has launched 56 certificates in 2009, for an estimate volume sold of over €180m. Currently, there are four Banca Aletti certificates on offer.
Borsa Protetta ENI was sold between 28 August to 26 September 2008.
This product is available on the Italian database.