Product wrap: JPM kickstarts 2021 with Covid recovery notes

EUROPE BNP Paribas Fortis collected €9m with Callable Step Up Note 2031 in Belgium. The 10-year medium-term note (MTN) is tied to the interest rate and pays a fixed annual step-up coupon, which is set at 0.40% for the first year of investment. It is subsequently increased by 0.05% for each of the following years – up to a maximum of 0.85% if it runs until maturity. BNP Paribas Fortis Funding, the Luxembourg subsidiary of BNP Paribas Fortis, is the issuer and has the right to call the