Sparkasse Bank Malta has been selling a Morgan Stanley-backed floored floater to wealthy investors.
The five-year product, which has a minimum ticket size of €50,000, pays a quarterly income linked to three-month Euribor, subject to a minimum 3.5% and a maximum 7% pa.
Three-month Euribor stands around 1.6%, having peaked in September/October 2009.
Sparkasse Bank Malta is owned by Austria's Sparkasse Schwaz. It distributes structured notes regularly from issuers including BNP Paribas, Morgan Stanley and JPMorgan.
The product struck on 11 July.