Banco Guipuzcoano's deposit BG Depósito Doble Ganador has returned 123.3% to investors after two years of investment. The bank, which was recently acquired by Banco Sabadell, initially raised €35m for the product, whose final observation date was 29 October.
BG Depósito Doble Ganador was a two-year growth and income deposit with an altiplano feature linked to Telefónica, Repsol and BBVA. The deposit was split in two parts, 50% being allocated to a fixed income deposit paying 3.3% (6.6% AER) after six months and the remainder to a structured account which registered 10% growth every year in which all the shares were at or above their strike levels. The condition was met on both anniversaries.
There are currently two open Banco Guipuzcoano products. Depósito BG Triple Oportunidad 21 is a three-year deposit linked to a basket comprising Banco Santander, Nokia, Novartis and Vodafone. The product returns 121% of initial capital at maturity provided the average price of the underlying shares on the half-yearly observation dates is at or above 110%, 115% or 120% of strike in the first year, first and second years, or all three years, respectively. Otherwise, the product repays initial capital plus or minus the performance of the worst-performing share in the basket. This product is open until 24 January 2011.
Meanwhile, CVO (BBVA XII) is a two-year reverse convertible growth product linked to BBVA. The coupon at maturity is 17% (8.15% AER). Capital is returned provided the underlying share has not fallen by more than 20% from its initial level and failed to recover by maturity. Otherwise, capital is returned in BBVA shares, the number of shares being equal to the initial investment decreased by the fall in the share price over the investment period. The product is available until 1 February 2011.
These products are available on the Spanish database.