Stuart Investment Management (SIM) has teamed up with Barclays to enter the structured products market in Canada. The distribution deal will see SIM's first structure, Extendible Step-Up Deposit Notes Series I-32, exclusively distributed through its financial adviser network and their clients.
The ten-year note pays a semi-annual coupon of 4% pa for the first four years with the coupon increasing the following years. The issuer has the option of calling the product at any semi-annual coupon date from the second year onwards. Capital will be returned at maturity if the callable feature is opted for before then.
A spokesman for the firm told SRP this is the first time it has marketed a Barclays principal-protected note as the exclusive broker-dealer for the plan. The source said the firm plans to 'promote' other notes with Barclays and may deal with other banks in the future.
Barclays has issued nine notes in the Canadian market in 2011.
This product appears in Recent Additions (Canada).