Banco Internacional do Funchal has raised €100m (100% of the sales target) for its latest structured product, Senior Notes due on November 2014, a two-year income product which struck on 5 November.
The interest rate capital-protected income structure uses a callable/putable payoff profile and will pay coupons equal to 5.75%, 6%, 6.25% and 6.5% AER on the first, second, third and fourth semester, respectively. The product is callable and putable every semester after the first three-monthly period.
According to SRP data, Banco Internacional do Funchal raised €87.6m with another tranche, Subordinated Fixed Rate Notes due 2019, marketed in January. This capital-protected income product will pay an annual coupon equal to 6.875% for the first five years of investment, paid on a six-monthly basis. For the rest of the term, the product offers an annual coupon equal to 7.875%, paid on a six-monthly basis. The product is callable every semester after five years of investment.