Product snapshot: Crelan seizes the moment with Goldman steepener

Crelan has partnered with Goldman Sachs in Belgium to launch of CMS Coupon Note 2030 , a 10-year steepener linked to the constant maturity swap (CMS) rate. For the first five years of investment, the product pays a fixed coupon of 1.3% pa. From year six onwards, it offers a variable annual coupon equal to 1.5 times the difference between the 30-year EUR CMS rate and the five-year EUR CMS rate, subject to a maximum coupon of four percent pa. The note is capital-protected, hence the investor is